Are Your Social Security Benefits Higher or Lower Than the Average American's?

Most retirees receive monthly Social Security checks from the government to help them cover retirement costs. But just how much is Uncle Sam sending to America's seniors? The amount may surprise you.

Check out what the typical retiree receives in Social Security benefits, so you can see how your income compares to the money your peers are bringing home.

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The average Social Security retirement benefit amount

According to the Social Security Administration, the average monthly benefit received by retired workers as of June 2024 was just $1,918.28 per month.

This is not an impressive number. A monthly benefit this low would provide an annual income of only $23,019.36, which is well below what most people would consider to be a comfortable amount to live on during retirement. While that may be disappointing, it's actually by design.

Social Security's average benefit is low precisely because when the program was created, it was assumed that people would have other income sources -- typically from savings and employer-sponsored guaranteed pensions -- that would last for the rest of their lives. Their Social Security retirement benefits were just supposed to supplement this other income, replacing around 40% of pre-retirement earnings while the other sources did the rest of the work.

Are your benefits higher or lower than average?

The $1,918 monthly benefit is just an average, and your benefits may be higher or lower. They may be higher if:

• You were a higher earner. The maximum monthly benefit is $4,873 in 2024, so some retirees earn well above what the typical senior receives from Social Security. Since benefits are based on average earnings throughout your 35 highest-earning years, the more money you earn throughout your life, the bigger your checks will be.
• You delayed your benefits claim. Your benefit may also exceed the overall average if you wait to claim it. You are allowed to start benefits as young as age 62, but those who delay beyond that time will get larger monthly checks. You have a full retirement age (FRA) based on your birth year. For anyone born in 1960 or later, that FRA is 67. If you wait at least until 67, you'll receive your standard unreduced benefit. But if you wait to claim benefits beyond FRA, your Social Security benefit amount increases every month due to delayed retirement credits (up until age 70). Those who delayed their claim as long as they could maximize their chances of beating the average benefit.

While your benefits may beat the average, you may find that they can't support you without extra income. Most experts recommend replacing around 80% to 90% of your pre-retirement income, and your Social Security checks simply won't do that. That's why you need a plan to supplement Social Security with your savings.

Still, if you can beat the average Social Security benefits and maximize your monthly checks, you'll have more financial security. Take into account the things that will boost your average so you can make informed choices and decide when claiming Social Security makes sense for you.

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