"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."
"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."
"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."
Average monthly Social Security benefit for retired workers is $2,015, rising to an expected $2,071 after a 2.8% 2026 COLA. Retirees can compare their own monthly benefit by creating an SSA account and reviewing the most recent earnings statement, which provides an estimated monthly benefit. Waiting until at least full retirement age (67 for those born in 1960 or later) to file can increase payments, and delaying claims beyond full retirement age raises benefits by 8% per year up to age 70. Ensuring a 35-year work history is another recommended way to improve benefit calculations.
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