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How much will your Social Security benefit be? - Motley Fool
The average retiree actually gets a benefit likely much smaller than you think. Many believe that after contributing to Social Security for an entire lifetime, they will be able to retire in financial comfort, but the reality is much less optimistic. Few can live on Social Security alone, and those who must are certainly not living in comfort. In addition to your lifetime average monthly earnings, the age at which you claim Social Security has much to do with the amount of your benefit. But the average beneficiary receives less than $2,000 per month – hardly enough to live in financial comfort in today’s inflationary climate. So what’s a person to do? Well, understanding the mechanics of how SS benefits are calculated is a great first step, which should lead you to knowing the best age for you to claim Social Security, as explained in this Motley Fool article by Katie Brockman.