How Does Your Social Security Benefit Compare With the Average?

Core Insights - The average monthly Social Security benefit for retired workers is currently $2,015, expected to rise to $2,071 after a 2.8% cost-of-living adjustment in 2026 [3][9] - Individuals nearing retirement can take steps to potentially increase their Social Security benefits, which may be crucial for their income [5][6] Benefit Calculation - Social Security benefits are calculated based on the highest 35 years of earnings, meaning that gaps in work history can lead to lower benefits [8][9] - Delaying the claim of Social Security benefits past the full retirement age can increase monthly benefits by 8% for each year delayed, up until age 70 [7][9] Actionable Steps - To estimate potential monthly benefits, individuals can create an account on the SSA's website to access their earnings statement [6] - It is advisable to wait until at least the full retirement age, which is 67 for those born in 1960 or later, before filing for benefits [7]