How to Beat the Average $1,557 Monthly Social Security Benefit
Many seniors are surprised to learn that Social Security won't replace their pre-retirement wages in full. If you're an average earner, you can expect your benefits to take the place of about 40% of your income. If you're an above-average earner, they might replace an even smaller percentage.
As of July of 2021, the average senior on Social Security was collecting about $1,557 a month in benefits. And while that's not a bad paycheck when you also have a robust nest egg to tap, it's not exactly generous in its own right.
In fact, if you were to look to Social Security as your only source of retirement income, you'd probably end up quite cash-strapped as a senior if you were paid the average benefit. And that's why it's important to do what you can to boost the monthly benefit you receive. Here are a few strategies that will help you achieve that goal and take home more money than the average senior.
Source Fool.com
