This Is the Average Social Security Benefit in 2020
Working Americans are often warned to save for retirement because Social Security alone won't be enough to sustain them once their paycheck goes away. Yet many workers neglect their savings, focusing more on near-term expenses, and understandably so.
But knowing how much income Social Security actually provides may help you change your tune on the savings front. In 2020, the average monthly benefit for Social Security recipients is just $1,503. That includes the 1.6% cost-of-living adjustment that takes effect this year. Prior to that raise, the average monthly benefit was $1,479.
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Source Fool.com
