Spoiler: There aren’t many average benefits, but you shouldn’t rely on a lot anyway.
Social Security, now 90 years old, is a crucial program that helps around 22 million people stay above the poverty line. Interestingly, 56% of those surveyed in the 2025 National Retirement Institutions Social Security Survey indicated they would struggle financially if they missed half of their payments.
So, what kind of benefits are we talking about? As of July, the average monthly Social Security benefit for retirees stands at $2,007, which totals about $24,000 for the year. This average can certainly vary depending on personal circumstances and the timing of retirement.
However, it’s important to note that these figures represent averages. To get a clearer picture of what you might receive, it’s advisable to set up an account with the Social Security Agency (SSA).
The program has functioned fairly well over the decades, but challenges loom ahead. With more people living longer and retiring earlier, if no action is taken to bolster Social Security, beneficiaries could see their payments reduced by up to 23% in the next ten years.
What’s more concerning is that legislation, often referred to by the Trump administration as a “big and beautiful bill,” appears set to further deplete Social Security funds.
If you’re planning to depend heavily on Social Security during retirement, it might be wise to consider other income sources and have a broader financial plan in place.
Most retirees with the $23,760 Social Security Bonus are completely overlooked
If you find yourself a bit behind in your retirement savings, you’re not alone. Many aren’t aware of strategies that could boost their retirement income by maximizing Social Security benefits.
