Retirement planning is a critical aspect of financial stability, and understanding Social Security benefits plays a significant role. For many Americans -- about 68 million according to the Social Security Administration -- that monthly direct deposit is a critical piece of their post-working life income.

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According to the government's most recent annual data -- released in late 2023 -- $1,505 is the average monthly Social Security income for someone age 65. Now, that's just an average. What people actually get depends on a number of variables, particularly lifetime earnings history and the age at which they began receiving the benefit.

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Source Fool.com