Average Social Security Monthly Check. Average numbers for Social Security can vary and the monthly check isn’t much. If you work for a company that does not offer a traditional pension plan, you are one of the millions of people who will probably rely on the government retirement plan.
One of the best things you can do before retirement is to pay off your home. Otherwise, don’t expect to live in a nice condo near the beach, unless you have a condo you can pay off before your 65. Social Security is barely enough to survive on, and it’s bad enough that inflation will rise again before you collect a monthly check.
How bad would that be? The answer, based on Social Security as we know it now, is: It depends. Let’s take a look at the average and go through some numbers that might surprise you.
A third of people age 65 or over rely on Social Security for 90% or more of their incomes. For about one out of five people in that age group, or 22%, the checks are the sole source of income. For a low-wage earner (average $16,739 annually), the agency typically replaces 55.9% of your working pay, and a high-wage earner ($81,467), the agency replaces just 28.9% of your working pay.
The average monthly check actually sent out to Social Security retirees, though, is just $1,007, or $12,084 a year. Every penny counts. Always save for retirement.