Current:Home > MarketsThis was the average Social Security benefit in 2004, and here's what it is now -LegacyBuild Academy
This was the average Social Security benefit in 2004, and here's what it is now
View
Date:2025-04-14 17:22:20
Many workers are dreaming of retirement — whether it's decades away or coming up soon. Either way, it's smart to get at least a rough idea of how much income you can expect from Social Security — so that you can plan accordingly to set up sufficient other income streams to support you in your post-working life.
Here are some things to know about Social Security benefits:
- The overall average monthly Social Security retirement benefit was $1,924 as of October. That's about $23,000 annually.
- You can start collecting your benefit checks as early as age 62, but that will result in shrunken checks (though many more of them), or you can delay until age 70, with each year you delay beyond your full retirement age (66 or 67 for most of us) boosting your benefits by about 8%. (The best age to claim benefits is 70 for most people.)
- There are ways to increase your future benefits, such as increasing your income.
- Social Security benefits are adjusted annually for inflation, via cost-of-living adjustments (COLAs).
Here's a look at how average benefits have changed over time:
Data source: Social Security Administration, 2023 Annual Statistical Supplement. *As of January 2024. **As of October 2024.
facing a funding challenge retirement income streamsAnd in the meantime, it's smart to set up a my Social Security account at the Social Security Administration (SSA) website so that you get an estimate of how much you can expect from Social Security based on your earnings.
The Motley Fool has a disclosure policy.
The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.
The $22,924Social Security bonus most retirees completely overlook
Offer from the Motley Fool:If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.
View the "Social Security secrets" »
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
veryGood! (83877)
Related
- Toyota to invest $922 million to build a new paint facility at its Kentucky complex
- Supreme Court denies request by Arizona candidates seeking to ban electronic vote tabulators
- With graduation near, colleges seek to balance safety and students’ right to protest Gaza war
- Bill allowing parents to be fined for child’s criminal offenses heads to Tennessee governor
- Federal court filings allege official committed perjury in lawsuit tied to Louisiana grain terminal
- Seven big-name college football standouts who could be in for long wait in 2024 NFL draft
- Internet providers roll out broadband nutrition labels for consumers
- Patti Smith was 'moved' to be mentioned on Taylor Swift's 'Tortured Poets Department'
- From family road trips to travel woes: Americans are navigating skyrocketing holiday costs
- An alligator attack victim in South Carolina thought he was going to die. Here's how he escaped and survived.
Ranking
- The Louvre will be renovated and the 'Mona Lisa' will have her own room
- Man charged with hate crime for vandalizing Islamic center at Rutgers, prosecutors say
- Tennessee’s GOP governor says Volkswagen plant workers made a mistake in union vote
- 21-year-old 'at-risk' California woman missing after weekend hike; search ongoing
- Sonya Massey's father decries possible release of former deputy charged with her death
- For years, a Michigan company has been the top pick to quickly personalize draftees’ new NFL jerseys
- Owen Wilson and His Kids Make Rare Public Appearance at Soccer Game in Los Angeles
- Supreme Court to consider clash of Idaho abortion ban with federal law for emergency care
Recommendation
DeepSeek: Did a little known Chinese startup cause a 'Sputnik moment' for AI?
Denver Broncos unveil new uniforms with 'Mile High Collection'
Earth Day: Our Favorite Sustainable Brands That Make a Difference
NASA shares new data on Death Valley's rare 'Lake Manly' showing just how deep it got
NFL Week 15 picks straight up and against spread: Bills, Lions put No. 1 seed hopes on line
Dramatic dashcam video shows good Samaritans rush to pull man from burning car
US advances review of Nevada lithium mine amid concerns over endangered wildflower
Dramatic dashcam video shows good Samaritans rush to pull man from burning car