Social Security checks do not have the same amounts for all beneficiaries. However, it is always interesting to know what is the average payment for SSA recipients in 2023. If you are about to retire, you may want to have an idea of your future retirement benefits.
In fact, the amount of your Social Security check in retirement may not be so important. Not as much as the amount of money you need for your expenses. What is more, you should keep track of your savings, investments, and other sources of income.
Anyway, according to Social Security, the average retirement check is approximately 1,827 dollars. That does not imply you will get that amount. Basically, it is like that because it depends on your previous earnings, years of work, and retirement age.
How can I know more accurately the amount of my Social Security check?
Social Security advises workers to check their benefits calculator tool. In this way, you can work out the money you could collect in retirement roughly. As you may have different calculators, you may be interested in checking different things like the early or late retirement calculator or spouses’ benefits.
The quick calculator can also help you with inflated dollars. As you may have noticed, even if you may earn more money, your purchasing power does not seem the same as it used to a few years ago. That is why it is important to keep saving and investing, not to rely just on Social Security benefits.
How could I get a larger-than-average SSA payment?
In order to achieve this goal, you must try to look for well-paid jobs. Thus, being a high-earner allows you to make more money for retirement. Do not think that you have enough money. Besides, promoting or changing jobs could help you increase your salary and your Social Security check.
Delaying your retirement until you are 70 is one of the most effective methods to boost your Social Security benefits. In just one year you could after retiring at the age of 70 you could make about 11,000 dollars more.
Hence, you should take into account the fact that early retirement means reducing your Social Security benefits by about 30%. Undoubtedly, you may collect more checks if you file early, but will you be able to face inflation and skyrocketing prices? Think twice before you file, early retirement could be costly.