Here's How Much the Average Person Collects in Social Security Benefits
You've spent a lifetime contributing money to Social Security, so it's fair to wonder how much you'll collect when you retire. I won't keep you in suspense. The average person collecting Social Security is pocketing $1,553.68 per month in 2021, according to the Social Security Administration (SSA).
That may or may not sound like a lot. Social Security income depends on a lot of things, so you could be in store for a much bigger or smaller payday when you retire.
To determine how much money you'll receive in benefits, Social Security's formula considers the length of your work history, the amount of money subject to payroll taxes you earned over your career, and when you first decide to collect benefits.
Source Fool.com
