This Is the Average Social Security Benefit for Age 65

Many people misunderstand Social Security in some way. For example, they might not appreciate that not only does the program deliver regular, dependable income to millions of people in retirement, but it also increases those payments almost every year -- via cost-of-living adjustments (COLAs) -- to help keep up with inflation. In fact, the most recent increase of 2.5% for 2025 was recently announced.The size of Social Security benefit payments is also frequently misunderstood. Some future retirees think that they will live comfortably on what it pays them. Well, they might; but as of August, the overall average monthly Social Security retirement benefit was $1,920 -- roughly $23,000 annually.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool