Here's How the Average Social Security Benefit Compares to the Max Payments
Social Security can go a long way in retirement, and for many people, benefits are a lifeline. In fact, nearly 60% of current retirees say they depend on their benefits as a major source of income, according to a 2023 poll from Gallup, and an additional 29% say it's a minor income source.
If you're going to be relying on Social Security to any degree in retirement, it's wise to maximize your benefits. Everyone's payments will differ slightly, as your benefit amount depends on factors like your earnings history and the length of your career. However, it can sometimes be helpful to see how your benefit stacks up to the average for your age.
It can also be beneficial to see how those averages compare to the maximum Social Security payments based on age. Here's how to see where you stand -- as well as how to get as close as possible to the maximum benefit.
Source Fool.com
