Sorry — your future Social Security benefit could be smaller than you think.
Many people misunderstand Social Security in some way. For example, they might not appreciate that not only does the program deliver regular, dependable income to millions of people in retirement, but it also increases those payments almost every year — via cost-of-living adjustments (COLAs) — to help keep up with inflation. In fact, the most recent increase of 2.5% for 2025 was recently announced.
The size of Social Security benefit payments is also frequently misunderstood. Some future retirees think that they will live comfortably on what it pays them. Well, they might; but as of August, the overall average monthly Social Security retirement benefit was $1,920 — roughly $23,000 annually.
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How large are Social Security benefits?
The best way to get an idea of how much you might receive from Social Security is to set up a my Social Security account at the Social Security Administration website. It will give you the latest estimates of your future benefits.
The table below shows average monthly benefits for different ages, as of the end of last year:
| Age | Average for All Beneficiaries | Average for Men | Average for Women |
|---|---|---|---|
| 62 | $1,298 | $1,440 | $1,167 |
| 65 | $1,563 | $1,733 | $1,410 |
| 67 | $1,884 | $2,094 | $1,676 |
| 70 | $2,038 | $2,257 | $1,816 |
| 75 | $2,102 | $2,228 | $1,800 |
| 80 | $1,940 | $2,139 | $1,750 |
| 85 | $1,864 | $2,034 | $1,712 |
Source: Social Security Administration.
Ways to make your benefits bigger
The numbers above might be disappointing, especially if you’re a woman and have earned less than men, on average, during your working life. But there are ways to boost your benefits, such as by delaying claiming them. For many people, waiting until age 70 will be the best move — if they can swing it.
Coordinating with a spouse can also be effective. For example, the higher earner might delay until age 70 (after which there’s no more benefit to waiting), while the other spouse starts collecting sooner. The more you learn about Social Security, the more you might get out of it.
