The average monthly Social Security benefit for retirees was recently $1,673 -- or about $20,000 per year. Clearly, that's not nearly as much as most of us want or need in retirement -- which is why most of us need to be saving and investing for retirement throughout our working lives.

That $1,673 is an average, though, so plenty of people will collect more than that. As of 2022, the maximum monthly benefit being paid out is $4,194 -- or about $50,000 annually. That's much better than $20,000, but it still means that most of us need to be amassing a solid nest egg to supplement that and deliver the income we need in retirement.

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Source Fool.com