Social Security: 3 Simple Ways to Beat the Average Benefit
Social Security benefits can make or break retirement for many older adults. Nearly one-quarter of workers expect their monthly checks to be their primary source of income in retirement, according to a 2022 report from the Transamerica Center for Retirement Studies. For some retirees, Social Security is their only income.
However, the average retiree benefit amount as of May 2023 is around $1,836 per month, or just over $22,000 per year. As costs continue to increase, most older adults may find it difficult to live primarily on Social Security.
Fortunately, there are three simple moves for increasing your benefit amount. With the right strategy, it's easier than you might think to beat the average monthly payment.
Source Fool.com
