:max_bytes(150000):strip_icc()/NumberoftheDay-DRAFT-0e6f6e4d87a74dc7b9803318ef9f532d.jpg "What Is the Average Social Security Benefit for Retirees in 2026?")
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KEY TAKEAWAYS
- Social Security benefits change for each beneficiary depending on their current and past income, and the age at which they claimed benefits.
- The 2026 cost-of-living adjustment boosted benefits by 2.8%, and the average retired worker will receive more than $2,000 in Social Security benefits a year.
The average monthly benefit for a retired Social Security beneficiary in 2026 will be $2,071.
Social Security benefits vary for each person, depending on a multitude of factors. Americans can start receiving Social Security retirement benefits at 62, but their payments will be reduced if they don’t wait until their full retirement age.
Once they reach the FRA, which varies depending on when a beneficiary is born, they will receive their full benefits. If they wait longer, their benefits will continue to increase until they reach the age of 70. For claimants who took out benefits before the FRA and are still working, their benefits will also change depending on how much income they earn in a year.
Benefits are primarily calculated based on the average indexed monthly earnings a worker earned over a maximum of 35 years. Generally, the higher their average earnings were, the higher the benefit amount when the worker retires.
Why This Matters
The Social Security cost-of-living adjustment increases beneficiaries’ checks to account for inflation. The 2026 benefit amounts, however, may not keep pace with seniors’ actual living expenses—which would especially hurt retirees who heavily rely on Social Security income.
Benefit Amounts May Not Be Enough
Social Security benefits for 2026 will be 2.8% higher than this year, or about $56 more every month for the average retired worker. However, even this boost will not be enough to keep up with rising expenses, said the majority of Social Security beneficiaries in a recent AARP survey.
The annual cost-of-living adjustment is calculated using an inflation index from the third quarter of the prior year. Many Social Security advocates, however, have said the formula used does not accurately reflect seniors’ expenses.
