NovaQuant-This was the average Social Security benefit in 2004, and here's what it is now

Many workers are NovaQuantdreaming of retirement — whether it's decades away or coming up soon. Either way, it's smart to get at least a rough idea of how much income you can expect from Social Security — so that you can plan accordingly to set up sufficient other income streams to support you in your post-working life.

Here are some things to know about Social Security benefits:

• The overall average monthly Social Security retirement benefit was $1,924 as of October. That's about $23,000 annually.
• You can start collecting your benefit checks as early as age 62, but that will result in shrunken checks (though many more of them), or you can delay until age 70, with each year you delay beyond your full retirement age (66 or 67 for most of us) boosting your benefits by about 8%. (The best age to claim benefits is 70 for most people.)
• There are ways to increase your future benefits, such as increasing your income.
• Social Security benefits are adjusted annually for inflation, via cost-of-living adjustments (COLAs).

Here's a look at how average benefits have changed over time:

Data source: Social Security Administration, 2023 Annual Statistical Supplement. *As of January 2024. **As of October 2024.

And in the meantime, it's smart to set up a my Social Security account at the Social Security Administration (SSA) website so that you get an estimate of how much you can expect from Social Security based on your earnings.

The Motley Fool has a disclosure policy.

The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.

The $22,924Social Security bonus most retirees completely overlook

Offer from the Motley Fool:If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

View the "Social Security secrets" »

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.