Understanding Your Social Security Benefit: Factors Affecting Your Monthly Payment
The number isn't nearly as arbitrary as it may seem.
You may already know the average monthly Social Security retirement benefit currently stands at $1,976. What you might not fully appreciate, however, is just how wide the range of this average's numerical inputs is. Nearly 7 million of the program's 51.8 million retired beneficiaries are collecting less than $1,000 per month, while a lucky few are cashing a maximum-possible monthly check of $5,108.
And this disparity begs a question of future retirees: How are Social Security benefits calculated in the first place?
Here's your answer.
