The average monthly Social Security retirement benefit is $2,015, set to increase to $2,071 after a 2.8% cost-of-living adjustment in 2026. Delaying benefits past full retirement age boosts payments by 8% per year until age 70. Benefits are based on the highest 35 years of earnings, impacting total payout amount.

If you’re nearing retirement, compare your projected benefit to the average and take steps to potentially increase your monthly Social Security income. Create an account on the SSA website to access your earnings statement and estimate your benefit. Delaying claims and ensuring a 35-year work history can lead to higher payments.

Ensure accuracy of earnings record to avoid underreported income affecting benefits. Understanding your Social Security benefits before retirement allows for adjustments to boost monthly payments. Take advantage of available tools and resources to maximize your benefits for a more secure retirement.

Answering three quick questions can reveal the possibility of retiring earlier than expected. Understanding the difference between accumulation and distribution in retirement planning is crucial. Consider taking steps to optimize your Social Security benefits and secure a more comfortable retirement.

Read more at Yahoo Finance: How Does Your Social Security Benefit Compare With the Average?