Best wishes if you are one of the many people planning to retire soon. A secure, comfortable retirement is every worker’s dream. Since people are generally living longer, healthier lives, we can expect to spend more time in retirement than our parents and grandparents did.
Retirement can last many years. As one part of your decision, can you afford it?
Before making your final decision, keep in mind that Social Security was never intended to provide full retirement income. It goes along with your other pensions, savings and investments.
The average, national, monthly Social Security retirement amount clearly shows this. For a retiree on his or her own work record, the average benefit was $1,336.86 in August 2015. This does not include benefits paid to any other family member receiving on that same record, such as a spouse or child. You can see the August 2015 national averages for family members of a retiree and for Social Security survivors and disability related benefits in the Monthly Statistical Snapshot.
Snapshot information is updated each month. The number of beneficiaries is shown in the thousands; total amounts of benefits shown in the millions and average monthly amounts in dollars.
Use the Social Security retirement planner tools to estimate your personal Social Security retirement amount. Once you obtain a personal estimate of your monthly amount at full retirement age, use the “compute the effect of early or delayed retirement calculator,” to compare your estimated amount at different ages and for any month starting with age 62 to age 70.
When ready, complete your retirement application online. Learn how here.