As of May 2025, over 55 million people receive Social Security retirement benefits, with most relying on them for most or all of their retirement income. The amount of these benefits varies, but having a gist of average benefits at certain ages can help you set expectations and begin planning your budget accordingly.

Social Security retirement benefits are one of the most important income sources available to older Americans because these benefits are widely available, guaranteed to last for life, and protected against the impact of rising prices due to Cost of Living Adjustments (COLAs).