What the Typical Social Security Retirement Check Looks Like

Social Security offers several kinds of payments, but this discussion focuses on retirement benefits. The average monthly retirement check is around $2,089, or a little over $25,000 a year.

That average is also expected to climb soon, as benefits are set to receive a 3.6% cost-of-living increase in January.

Ways to receive more than the typical Social Security benefit

If you have not started claiming benefits yet and want to end up with more than the average, there are two main things to keep in mind. First, it helps to understand how the program calculates your payment.

When Social Security figures out your monthly amount, it looks at your 35 highest-earning years. Past wages used in that calculation are adjusted for inflation.

Your claiming age then determines how much of that benefit you actually receive. If you wait until full retirement age, which is 67 for people born in 1960 or later, your monthly payments are neither reduced nor increased.

You can begin benefits as early as 62, but filing before full retirement age lowers your check for each month you start early.

You can also postpone claiming beyond full retirement age to increase your monthly payment. Each year you delay until age 70 adds an 8% boost.

So if your goal is a larger retirement benefit, it makes sense to earn as much as possible and wait as long as you can to file. Holding off until 70 can increase your benefit by 24% compared with claiming at 67.

Higher earnings can translate into a bigger Social Security payment, too. If your pay rises near the end of your career, staying in the workforce a bit longer could lead to a more generous benefit.

Since Social Security provides guaranteed income for life, larger checks can offer greater long-term security. For anyone hoping to beat the average retirement benefit, the best approach is to file strategically and build the strongest wage history possible.