As of May 2025, over 55 million people receive Social Security retirement benefits, with most relying on them for most or all of their retirement income. The amount of these benefits varies, but having a gist of average benefits at certain ages can help you set expectations and begin planning your budget accordingly.

If you’re a Social Security beneficiary, you may see a boost in your checks starting in 2026. While the official Social Security cost-of-living adjustment (COLA) won’t be released until Oct. 10, the increase for next year is estimated at 2.

Social Security will not be able to fully pay monthly benefits to tens of millions of retirees and people with disabilities in 2034 if lawmakers don’t act to address the program’s pending shortfall, according to an annual report released Wednesday by Social Security’s trustees.