Can You Retire on Social Security Alone? Here's Exactly How Much the Average Retiree Collects in Benefits
Social Security is a critical source of income for many older adults, and for some, it's the only income they have. In fact, around 1 in 5 adults age 50 and older say they won't have any retirement income outside of their benefits, according to a 2023 report from the Nationwide Retirement Institute.
But just how realistic is it to retire on Social Security alone? Of course, that will depend largely on how much you're receiving in benefits. Monthly payments among retirees can vary widely depending on several factors, such as your income, the length of your career, and the age you begin claiming.
That said, it can still be helpful to see how much the average retiree receives from Social Security. I'll also discuss how to check your future benefit amount, as well as a few simple strategies for increasing the size of your checks.
Source Fool.com
