Many workers are dreaming of retirement fund — whether it’s decades away or coming up soon. Either way, it’s intelligent to get at least a rough concept of how much profits you can expect from Social safety — so that you can schedule accordingly to set up sufficient other profits streams to back you in your post-working life.

Here are some things to recognize about Social safety benefits:

• The overall average monthly Social safety retirement fund advantage was $1,924 as of October. That’s about $23,000 annually.
• You can commence collecting your advantage checks as early as age 62, but that will outcome in shrunken checks (though many more of them), or you can delay until age 70, with each year you delay beyond your packed retirement fund 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 boost your upcoming benefits, such as increasing your profits.
• Social safety benefits are adjusted annually for expense boost, via expense-of-living adjustments (COLAs).

Here’s a look at how average benefits have changed over period:

Data source: Social safety Administration, 2023 Annual Statistical Supplement. *As of January 2024. **As of October 2024.

facing a financing test retirement fund profits streams

And in the meantime, it’s intelligent to set up a my Social safety account at the Social safety Administration (SSA) website so that you get an approximate of how much you can expect from Social safety based on your profits.

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The $22,924 Social safety bonus most retirees completely overlook

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View the “Social safety secrets” »