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The average monthly Social Security retirement benefit is $2,015 and will rise to $2,071 after the 2026 cost-of-living adjustment of 2.8%.
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Delaying Social Security claims past full retirement age boosts monthly benefits by 8% per year until age 70.
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Benefits are calculated using the highest 35 years of earnings, so missing work years leads to lower benefits.
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If you’re retired, you probably get a lot of your income from Social Security. And you may be wondering how your monthly benefit compares to what the typical recipient gets.
There’s an easy way to get that information.
The Social Security Administration (SSA) publishes information on monthly benefits for the public to access. It says that currently, the average monthly benefit among retired workers is $2,015. However, once 2026’s 2.8% cost-of-living adjustment takes effect, the average monthly retirement benefit is expected to rise to $2,071.
Based on this information, you can take a look at your monthly benefit and see how it compares to the average. But the unfortunate reality is that if your monthly benefit is considerably lower, it may be a bit too late to boost it substantially.
However, if you’re nearing retirement and think your benefit won’t be as high as the typical senior’s benefit, there may be steps you can take to score a higher monthly Social Security paycheck. And those may be worth taking if you expect Social Security to be a substantial source of income for you.
There’s an easy way to see what Social Security benefit you’ll be in line for in retirement. Just create an account on the SSA’s website and access your most recent earnings statement. It should give you an estimate of your monthly benefit so you can see what payment to expect each month.
If you don’t like what you see, there are ways to potentially set yourself up with a larger monthly Social Security paycheck.
First, make sure to wait until at least full retirement age to file for benefits. That age is 67 if you were born in 1960 or later.
You can also wait to claim Social Security past full retirement age. Each year you hold off boosts your monthly benefits by 8%, up until age 70.
But that’s not all you can do. Another way to boost your Social Security benefits is to make sure you have a 35-year work history. That’s because the SSA takes your most profitable 35 years of earnings into account when calculating your monthly benefits.
