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Social Security benefits are designed to replace around 40% of an average worker’s salary, while most retirees need about 80% of their pre-retirement income to maintain their standard of living. The average retired worker receives around $1,966 per month from Social Security, or $23,600 per year. Claiming age and income throughout an individual’s career are relevant factors that affect the benefit amount. Social Security is designed to be just one source of income in retirement, and those who rely solely on Social Security may find their finances strained. To have a comfortable retirement, it is advisable to save as much as possible in the meantime.

Source: Social Security Administration, Motley Fool



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