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Can You Retire on Social Security Alone with the Max Monthly Benefit?
It’s fairly widely known that one cannot live on Social Security alone, as it replaces a mere 40% of pre-retirement income. But what about for those receiving the highest possible benefit? As of January 2024, the average Social Security benefit was $1,907/mo, which is near $23,000 annually. The 2024 maximum monthly benefit Social Security is $4,873. To get that benefit, though, you need to earn a high wage throughout your career and delay Social Security filing until age 70. The author notes those earning enough to claim this maximum monthly benefit probably earned enough to save at least some amount of money for retirement. Full piece here.