Current:Home > reviewsThis was the average Social Security benefit in 2004, and here's what it is now -Elite Financial Minds
This was the average Social Security benefit in 2004, and here's what it is now
View
Date:2025-04-13 22:35:36
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! (27865)
Related
- Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
- RHONJ’s Danielle Cabral Confirms the Season 14 Finale Is Just as Shocking as You'd Expect
- Richard Simmons’ Cause of Death Under Investigation
- Certain foods can cause changes in urine, but so can medical conditions. Know the signs.
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- Carbon monoxide leak at Fulton County jail sends 1 worker to the hospital; requires treatment for 5
- Certain foods can cause changes in urine, but so can medical conditions. Know the signs.
- In NBC interview, Biden says he shouldn't have said bullseye when referring to Trump, but says former president is the one engaged in dangerous rhetoric
- From family road trips to travel woes: Americans are navigating skyrocketing holiday costs
- Prime Day 2024 Deal: Save 30% on Laneige Products Used by Sydney Sweeney, Alix Earle, Hannah Brown & More
Ranking
- Global Warming Set the Stage for Los Angeles Fires
- 'Big Brother' Season 26 cast: Meet the 16 houseguests competing for $750,000 grand prize
- Ryan Reynolds Honors Charming 10-Year-Old TikToker Bella Brave After Her Death
- Kathie Lee Gifford reveals she's recovering from 'painful' hip replacement surgery
- Senate begins final push to expand Social Security benefits for millions of people
- Natalie Portman gushes about 'Bluey' guest role, calls it her 'most important' performance
- Joe Bryant, Kobe Bryant's Dad, Dies From Stroke 4 Years After Son's Fatal Plane Crash
- A Baltimore man died after being sedated and restrained by medics. His mom wants answers
Recommendation
Federal appeals court upholds $14.25 million fine against Exxon for pollution in Texas
Hawaii ag agency won’t get all the money slated for pest management after all
Why Jenn Tran’s Bachelorette Contestant Devin Strader Was Called a “F--king Snake”
Barstool owner rescued by Coast Guard after losing control of boat off Nantucket
Federal court filings allege official committed perjury in lawsuit tied to Louisiana grain terminal
Rite Aid closing dozens of additional stores. Here's where.
Texas man facing execution for 1998 killing of elderly woman for her money
California needs a million EV charging stations — but that’s ‘unlikely’ and ‘unrealistic’