Everyone wants to know how much they'll get from Social Security in retirement, but if you're still working, it's a bit of an open question. Your recent work history will likely continue to influence the benefits you qualify for, and future changes to the program could also affect how much you actually receive.
But if you're looking for a ballpark idea you can use when estimating how much of your retirement expenses you'll need to cover on your own, understanding the average benefit can help. Here's a closer look at how much the typical retiree receives today and how that amount is likely to change over time.
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The average retirement benefit is nearing $25,000 annually
The average Social Security retirement benefit as of March 2026 is about $2,079 per month. This comes out to just under $24,950 per year. That's the highest the average has ever been, but it may also be far less than you were hoping for.
A typical household headed by an adult aged 65 or older spent over $61,000 in 2024, according to Bureau of Labor Statistics data. This number is likely higher today, given that inflation has driven up costs over the last few years.
If we assume annual expenses of $61,000, then a roughly $25,000 Social Security benefit would leave you with $36,000 you'd have to cover with income from a job, personal savings, or other government benefits.
How the average Social Security benefit could change in the coming years
The average Social Security benefit increases over time, usually by a few dollars each month as new beneficiaries with higher average incomes apply, and then in one larger jump with the cost-of-living adjustment (COLA) that takes effect with the first payment of each year.
This trend should likely continue over the next few years, but it's important to keep in mind that living costs are also rising. A larger average Social Security benefit doesn't necessarily translate to a higher standard of living.
There's also a lot we still don't know about what Social Security will look like beyond 2032. That's when its trust funds are expected to be depleted. This could force benefit cuts unless the government increases funding for the program. As a result, average benefits could drop in the future. However, it's more likely the government will raise taxes on workers and possibly seniors to avoid this.
For now, save as much as you can for retirement on your own. Then, once the government outlines its plan to keep Social Security solvent, you may need to reevaluate your savings strategy.
