From Nasdaq:

Social Security retirement benefits vary by individual, but nearly all Americans can expect it to be a key source of retirement income. The average Social Security benefit for retired workers at age 67 is $1,844.83, with men receiving an average monthly benefit of $2,054.54 and women receiving an average benefit of $1,637.87. While the full retirement age (FRA) is 67 for those born in 1960 or later, Social Security benefits can be increased by waiting until age 70 to collect them.

Social Security benefit amounts are calculated based on an individual’s earnings history, specifically the 35 years when the worker had the highest indexed earnings. The primary insurance amount (PIA) formula uses the average indexed monthly earnings (AIME) to determine the benefit a person would receive at their FRA, which for most current Americans is 67.

There are several ways to boost Social Security benefits. For those who haven’t yet started collecting, postponing benefits until later or moving into a higher-paying position can increase benefit amounts. Even for those who have already begun receiving benefits, going back to work and improving their earnings can result in a higher retirement benefit.



Read more: This Is the Average Social Security Benefit for Age 67