Here's the Average Social Security Benefit for Retirees Right Now (and What It Could Be in 2030)
Social Security is a key source of retirement income. In fact, research from the Social Security Administration found that benefits were the largest source of income for 40% of retired workers in 2015. Similarly, a survey from MassMutual found that 42% of workers nearing retirement in 2023 expect benefits to be their largest source of income when they retire.
In that context, understanding how much income Social Security might provide is a critical part of the retirement planning process. Generally speaking, benefits replace about 40% of pre-retirement earnings, but examining trends in the average Social Security payout can also be useful.
Read on to see the average Social Security benefit right now, how the average payout has trended since 2000, and what the average benefit might be in 2030.
Source Fool.com
