Social Security Amounts Vary

How much income per month does a person get from Social Security? It depends. The average monthly Social Security payment in 2022 for those collecting at age 65 was $2,484; however, this amount can vary. Some may draw as little as $1,000 per month, while others may take home approximately $3,000 per month. There are a few factors to consider that affect the amount of Social Security you can collect:

• Your lifetime earnings affect your monthly payment amount

• If you start drawing Social Security before the retirement age, your monthly check will be lower

• If you wait to start getting your Social Security check each month, you’ll receive more money each month

Without knowing exactly what amount your Social Security check will be each month, it’s difficult to say whether or not it alone will be enough to support your lifestyle. For example, if you get a check for $1,500 per month, this comes out to around $18,000 each year, which is not sufficient for the majority of people. It is important to first create a budget that will reflect your needs during retirement, then you can see what percentage of that budget can be covered by Social Security.