How Does Your Social Security Benefit Compare With The Average?

Delaying Social Security claims past full retirement age boosts monthly benefits by 8% per year until age 70.

Benefits are calculated using the highest 35 years of earnings, so missing work years leads to lower benefits.

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If you're retired, you probably get a lot of your income from Social Security. And you may be wondering how your monthly benefit compares to what the typical recipient gets.

Based on this information, you can take a look at your monthly benefit and see how it compares to the average. But the unfortunate reality is that if your monthly benefit is considerably lower, it may be a bit too late to boost it substantially.

However, if you're nearing retirement and think your benefit won't be as high as the typical senior's benefit, there may be steps you can take to score a higher monthly Social Security paycheck. And those may be worth taking if you expect Social Security to be a substantial source of income for you.