The average monthly benefit for a retired Social Security beneficiary in 2026 will be $2,071. Social Security benefits vary for each person, depending on a multitude of factors. Americans can start receiving Social Security retirement benefits at 62, but their payments will be reduced if they don't wait until their full retirement age. Once they reach the FRA, which varies depending on when a beneficiary is born, they will receive their full benefits. If they wait longer, their benefits will continue to inc ...