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As a general rule of thumb, Social Security benefits are designed to replace about 40% of pre-retirement income. It will be more if you were a lower earner, or less if you are a higher earner.
A separate analysis from the Center on Budget and Policy Priorities found that the poverty rate for adults aged 65 and above would be nearly four times higher if Social Security didn't exist -- 10 ...
Source: Social Security Administration. Chart by author. Note that as of November, the average monthly Social Security benefit was $1,925 -- or about $23,000 annually.
According to the most recent data released by the Social Security Administration in December 2023, the average benefit among 62-year-old retired workers is just $1,298 per month.
The Social Security Administration (SSA) provides benefit estimates to workers through the Social Security Statement. The Statement can be accessed online by opening an online account with SSA called my Social Security. With that account, workers can also construct "what if" scenarios, helping them to understand the effect on monthly benefits ...
The following table outlines the lifetime benefit the average 62-year-old worker discussed above could get from Social Security by claiming a $1,298.26 monthly benefit at 62 versus a $1,854.66 at ...