Here’s how to estimate your monthly Social Security income in retirement.
In 2024, the average Social Security benefit is $1,862 per month, while the maximum for those retiring at full retirement age is $3,822. Achieving the maximum requires earning the taxable maximum for 35 years.
“Living in Thailand offers numerous benefits, including amazing weather, great food, friendly people, substantially reduced costs of living, and greater opportunities for adventure or a change of pace from one’s home country.”
“Erickson’s death highlights a deepening crisis for aging Americans who lack a safety net. In California, people over 55 are the fastest-growing group of unhoused individuals, with two million seniors struggling to afford housing, health care and other basic needs, with millions more nationwide. The problem is especially severe in high-cost metro areas in the West and Northeast, including Seattle, Denver and Boston, as well as in New York and Los Angeles. But housing costs outpace affordability for many seniors in areas including Dallas, Houston and Minneapolis-St. Paul.”
_
Opinion: I think you could live really comfortably in Thailand on $1,800 a month.
Social Security claiming tips: Look before you leap.
“Important: Once you claim, your benefit is generally set for life. For married couples, the claiming decision by one spouse can have a dramatic effect on the other’s benefit.”
Here’s how to estimate your monthly Social Security income in retirement.
In 2024, the average Social Security benefit is $1,862 per month, while the maximum for those retiring at full retirement age is $3,822. Achieving the maximum requires earning the taxable maximum for 35 years.
“Biggs disagrees. To prove his point, the economist looked at responses to the federal Survey of Household Economics and Decisionmaking between 2019 and 2022. The survey asked retirement-age Americans, 65 to 74, how well they were managing financially. A majority, roughly 85%, said they were just fine: They were living comfortably, or at least ‘doing OK.’ Only 15% said they were struggling. The finding matters, Biggs says, because most retirees have much less than $1 million in the bank. In the federal survey, the typical senior who reported a satisfactory retirement had $50,000 to $100,000 in savings.”
