How Much Social Security Will I Get? (2024)

If you’ve worked for at least 10 years in the U.S., congratulations: You’ll be eligible for Social Security checks. But how much you get depends upon a range of factors, some you can control—and some you can’t.

Your average earnings, how long you worked and your age when you start taking your benefits all play a role in determining how much money you’ll receive. (Hint: Among the biggest things you can do is wait as long as possible).

For these reasons, it is hard to know exactly what your Social Security checks will look like years in advance. You can, however, calculate an estimate—and doing so is critical for smart retirement planning. With this information you can more accurately determine what additional savings you’ll need and make a more informed decision about when to stop working.

“There are a lot of moving parts involved in retirement income, and Social Security is one of the most important for most Americans,” says Krisstin Petersmarck, a retirement and investment advisor with Bridgeriver Advisors in Bloomfield Hills, Mich. “Without proper retirement income planning, your retirement can easily fall apart.”

Here’s how to find out what your Social Security payments might look like come retirement.

Average Social Security payments

Social Security payments vary widely from person to person, but the average monthly payout as of September 2023 is just under $1,707, while the maximum payment—for someone whose annual career earnings average $160,200 or more and retires at full retirement age—is $3,627.

Those numbers are always in flux, though. Every year, the government adjusts Social Security payouts for inflation—these are called cost-of-living adjustments, or COLA—so averages change, too.

In recent years, COLA adjustments have amounted to a sizable jump in pay for retirees, earning them 8.7% more a month in 2023. The COLA increase for 2024 will be 3.2%, putting the average payment at $1,906, according to the Social Security Administration.

How are Social Security benefits calculated?

Broadly, Social Security benefits are calculated based on your average gross monthly earnings (pretax) across the highest-paying 35 years of your career.

You then take that number and multiply the first $1,174 by 90%. Any earnings between $1,175 and $7,078 get multiplied by 32% and anything over $7,078 by 15% until you reach the maximum. You add those three numbers up, round it down to the nearest $0.10, and that is your monthly Social Security check.

For example, if you averaged $2,500 a month, you would calculate your payment like this:

• $1,174 x .90 = $1,056.60
• $1,326 x .32 = $424.32
• $1,056 + $424.32 = $1,480.92 (actually $1,480.90, as you’d round down to the nearest dime).

This calculation will give you the amount you would receive if you start taking Social Security at your full retirement age (currently 66 or 67, depending on when you were born). However, you can start taking Social Security anytime between ages 62 and 70. If you take your benefits before full retirement age, it will be lower, whereas your benefits will be higher the longer you wait.

You have the option to keep working beyond that point, too, but as James Sahagian, a certified financial planner at Ramapo Wealth Advisors in Ramsey, N.J., cautions, “If you’re still actively working and receiving income, it’s ideal to wait to start taking Social Security until you reach your full retirement age.”

That’s because Social Security benefits come with income limits, which change annually: For early retirees, if you bring in more than $21,240 by working in 2023, your Social Security check decreases by $1 for every $2 earned over the limit. In the year you reach full retirement age, the cap jumps to $56,520, and your benefits decrease $1 for every $3 earned. Once you reach full retirement age, however, there are no limits on other earnings.

And don’t forget that Social Security payments are often taxable. Whether or not you’ll owe taxes on your Social Security check is complicated, but more than half of Social Security recipients currently pay taxes on theirs. To get an idea of what taxes you might owe on those benefits, see the SSA’s tax guidance.

It’s pretty complex, but you don’t technically have to do all these calculations manually. You can use the Social Security Administration’s Quick Calculator to get a rough idea of your payouts, or if you sign up for a My Social Security account, you’ll get an official estimate straight from the source. Just remember it can change as your earnings do—and as you get further into your career—so be sure to check in and rerun your estimate as you get closer to retirement.

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