Social Security is a key source of income for millions of Americans, but the amount beneficiaries receive each month varies widely.
The size of your check depends on your work history, lifetime earnings and retirement age, among other factors. It may be much larger or smaller than the average, but knowing the typical Social Security benefit can help you estimate how much of your retirement expenses it'll cover — and how much you'll need to save on your own.
How much is the average Social Security check?
The average monthly Social Security retirement benefit is about $2,092 per month as of June 2026, or about $24,350 per year. That's after a 2.8% cost-of-living adjustment (COLA) from 2025.
The average benefit across all Social Security beneficiaries — including retirees, disabled workers, survivors, and dependents — was about $1,938 per month, or close to $23,260 per year.
The benefits you receive from the Social Security Administration (SSA) could be substantially higher or lower, depending on factors such as:
- Your lifetime earnings
- How many years you worked
- The age you start claiming benefits
If you earned the maximum taxable income for your 35 highest-earning years and claimed benefits at age 70 in 2026, the largest possible monthly Social Security benefit you could receive would be $5,181 before federal or state taxes.
Average Social Security benefits, by age
You can start receiving Social Security at 62, but your benefits will be reduced each year you get a check before you reach your full retirement age (FRA).
For people born in 1959, the FRA is 66 and 10 months. For anyone born in 1960 or later, it's 67.
The table below shows the average benefits for retirees who claimed at full retirement age, broken down by age and gender.
Beneficiaries who waited until after reaching FRA and qualifying for delayed credits had somewhat higher averages.
How are Social Security benefits calculated?
The SSA calculates retirement benefits by reviewing your lifetime income and indexing your highest 35 years of earnings to produce an Average Indexed Monthly Earnings (AIME).
Your AIME is then used in a progressive formula to determine your Primary Insurance Amount (PIA), the benefit you'd receive if you began claiming at your FRA.
To help ensure that Social Security replaces a larger share of earnings for lower-income workers, the formula applies different percentages to portions of your income, known as "bend points."
The payout you receive is then adjusted based on the age when you start claiming benefits:
- Claiming at FRA: You receive 100% of your calculated PIA.
- Claiming early (62 to FRA): Your benefits are reduced for each month you claim before your FRA.
- Delaying until after FRA: You earn credits that increase your monthly check by a percentage (about 8% per year) for each month you wait past your FRA, up to age 70.
How to check your estimated Social Security benefit
The SSA's Quick Calculator gives estimates for three different retirement ages, in today's dollars or inflated for future dollars.
If you know what you've earned each year you've worked, you can get a more accurate estimate using this online calculator.
More ways to fund your retirement
Social Security replaces only about 40% of pre-retirement earnings for the average worker, making other retirement savings an important part of most retirement plans.
Retirement accounts
Nearly three-quarters of private-sector workers have access to employer-provided retirement benefits, typically a 401(k) account. If you're among them, try to contribute at least enough to earn the full employer match, if one is offered.
An individual retirement account (IRA) isn't tied to your workplace, so you can continue contributing as long as you have eligible earned income and meet IRS contribution rules. You can get started with a traditional or Roth IRA account with Fidelity with as little as $1.
Fidelity Investments
Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum to open a Fidelity Go® account, but minimum $10 balance for robo-advisor to start investing.
Fees
Fees may vary depending on the investment vehicle selected. Zero commission fees for stock, ETF, options trades and some mutual funds; zero transaction fees for over 3,400 mutual funds; $0.65 per options contract. Fidelity Go® has no advisory fees for balances under $25,000 (0.35% per year for balances of $25,000 and over, which includes access to unlimited 30-minute coaching calls with a Fidelity advisor and tax-loss harvesting on taxable accounts).
Bonus
None currently. Check Fidelity's promotions page for the latest offers here.
Investment vehicles
Robo-advisor: Fidelity Go® IRA: Traditional, Roth and Rollover IRAs Brokerage and trading: Fidelity Investments Trading Other: Fidelity Investments 529 College Savings; Fidelity HSA®
Investment options
Stocks, bonds, ETFs, mutual funds, CDs, options and fractional shares
Educational resources
Extensive tools and industry-leading, in-depth research from 20-plus independent providers
Terms apply.
Pros
- No commission fees for stock, ETF, options trades
- No transaction fees for over 3,400 mutual funds
- Fidelity Go® portfolios use Fidelity Flex® mutual funds with zero expense ratios
- Human advisors manage day-to-day Fidelity Go® portfolio decisions
- Unlimited 30-minute coaching calls with a Fidelity advisor for accounts of $25,000 and over (at no extra cost)
- Tax-loss harvesting available on taxable Fidelity Go® accounts with $25,000 or more
- Abundant educational tools and resources with research from 20-plus independent providers
- 24/7 customer service
- Over 100 brick-and-mortar branches across the U.S. for face-to-face support
Cons
- Fidelity Go® has a 0.35% advisory fee per year for balances of $25,000 and over
- Fidelity Go® invests only in Fidelity Flex® mutual funds (no third-party ETFs or individual securities available)
- No socially responsible or ESG portfolio option through Fidelity Go®
- Some of Fidelity's mutual funds require reaching specific thresholds
- Reports of platform outages during heavy trading days
Annuities
As baby boomers worry about outliving their retirement funds, the popularity of annuities has soared in recent years. You can fund an annuity with a lump sum or through a series of payments. The money grows either at a fixed or variable rate, or it can be tied to a market index like the S&P 500, with limits on gains and losses.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Immediate annuities, fixed annuities, fixed indexed annuities, registered index-linked annuities
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Gainbridge Save℠ annuities grow at a fixed interest rate, making them a great option for investors who don't want to assume too much risk.
Gainbridge annuities don't have upfront sales charges or administrative fees. However, withdrawal fees and surrender charges may apply if you withdraw above 10% of your account's value per year.
An annuity can pay out every month, every quarter or even every year. Payments can continue for a set term (like 15 or 20 years) or for the rest of your life.
Investments
Dividend income, interest from bonds and CDs, rental properties and other investments can help supplement your retirement income. Vanguard is a popular choice, thanks to its low-cost index funds, retirement planning tools and broad lineup of mutual funds and ETFs, including target-date retirement funds.
Vanguard
Minimum deposit and balance
Minimum deposit and balance requirements vary by investment vehicle. No minimum to open a Vanguard account, but there's a $1,000 minimum deposit to invest in many retirement funds; robo-advisor Vanguard Digital Advisor® requires a $100 minimum to enroll.
Fees
Fees may vary depending on the investment vehicle selected. Zero commission fees for stock and ETF trades; zero transaction fees for over 3,000 mutual funds; $20 annual service fee for IRAs and brokerage accounts (waived with at least $50,000 in qualifying Vanguard assets or by opting into paperless statements); robo-advisor Vanguard Digital Advisor® charges approximately 0.15% net advisory fee annually (after fund revenue credits; 90-day fee waiver for new clients).
Investment vehicles
Robo-advisor: Vanguard Digital Advisor® IRA: Vanguard Traditional, Roth, Rollover, Spousal and SEP IRAs Brokerage and trading: Vanguard Trading Other: Vanguard 529 Plan
Investment options
Stocks, bonds, mutual funds, CDs, ETFs and options
Terms apply.
Pros
- No commission fees for stock and ETF trades
- No transaction fees for over 3,000 mutual funds
- One of the largest ranges of ETFs and mutual funds
- 90-day fee-free trial with Robo-advisor Vanguard Digital Advisor®
- Three portfolio strategies available through Digital Advisor
- Vanguard 529 Plan helps you save for college
Cons
- $20 annual service fee for IRAs and brokerage accounts
- Vanguard Digital Advisor® requires $100 to enroll
- Digital Advisor portfolios invest only in Vanguard funds (no access to third-party ETFs)
- Limited research and data tools
- No cash management account
FAQs
What's the most you can get from Social Security?
In 2026, the maximum monthly Social Security retirement benefit you can receive is $5,181, but only if you delay claiming until age 70. If you claim at your full retirement age, it’s $4,152. If you start claiming at 62, the most you could receive is $2,969.
How much will I get from Social Security when I retire?
Your monthly benefit is determined by how many years you worked, your income in your top earning years and the age and year you decide to retire. If you know your income from your working years to date, you can use Social Security’s online calculator to estimate your benefits.
Are Social Security benefits taxable?
Social Security payments have been subject to federal income tax since 1984, but whether your benefits are taxed depends on your combined income, including your adjusted gross income, any nontaxable interest and half of your Social Security benefits. If your combined income is below $25,000 ($32,000 for married couples filing jointly), your benefits generally aren't taxable. If it's between $25,000 and $34,000 ($32,000 to $44,000 for married couples), up to 50% of your benefits may be taxable. Above those thresholds, up to 85% of your benefits may be taxable.
Only eight states tax Social Security: Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah and Vermont.
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