Is Your Social Security Benefit Above or Below Average?

Core Insights - Almost all retirees in the United States rely on Social Security retirement benefits as a significant income source, but these benefits may not meet their financial needs [1][10] - The average Social Security benefit varies by age, with higher benefits for older retirees, reflecting the impact of delaying claims [4][9] - Social Security benefits are designed to replace only about 40% of pre-retirement income, while retirees typically need to replace around 80% to 90% of their income [11][12] Summary by Sections - Average Social Security Benefit - The average benefits for retirees increase with age, with specific amounts listed for ages 62 to 70 [8] - As of June 30, the average benefits are as follows: $1,377 at age 62, increasing to $2,188 at age 70 [8] - Income Replacement - Social Security is not intended to be the sole source of income for retirees, as it only replaces a portion of their earnings [11] - The benefits formula is progressive, favoring lower earners, which means higher earners may receive a larger benefit but still insufficient for living expenses [12]