In May, the more than 51 million retired workers who received a Social Security check took home an average of $1,916.63, which works out to about $23,000 on an annualized basis. While Social Security income isn't going to make anyone rich, it is responsible for lifting the financial fortunes of seniors more than any other social program.

An analysis from the Center on Budget and Policy Priorities found that 22.7 million beneficiaries -- 16.5 million of whom were adults aged 65 and over -- were raised above the federal poverty level in 2022 because of their Social Security income. Meanwhile, 88% of surveyed retired workers in 2024 told national pollster Gallup that Social Security represents either a "major" or "minor" source of income.

Given how important Social Security income has historically been to our nation's retirees, it's going to be imperative for future generations of retired workers to maximize what they'll receive from America's leading retirement program.

Continue reading

Source Fool.com