Millions of Americans rely on Social Security to help cover everyday expenses after retirement, making it essential to know how much support you can actually count on. Whether you’re approaching retirement age or just starting to plan ahead, understanding your potential monthly payout is key to making smart financial decisions.
This year, nearly 68 million people will collect a Social Security check every month, with retired workers making up around 75% of that total. The average monthly benefit for these retirees stands at $1,918 as of June, but that number can shift significantly depending on your work history, earnings, and the age at which you start claiming.
To help individuals get a clearer picture of what they might receive, the NewsNation Social Security Calculator allows you to estimate your monthly benefit based on your current income and when you plan to retire. It’s a quick and easy tool to give you some clarity on your future income.
Social Security Calculatiuon According Retirement Age
When you choose to begin collecting Social Security has a major impact on your monthly payments. Most people claim their benefits before reaching full retirement age, which reduces their monthly check for life. For instance, if your full retirement age is 67 and you start collecting at 62, your benefits will be permanently reduced by about 30%. That means a $1,000 monthly benefit would shrink to $700. But if you can hold off, the reward is significant—each year you delay up to age 70 brings an 8% increase, potentially boosting your benefits up to 124% of your full retirement payout.
Here’s a quick breakdown of the maximum monthly benefit in 2025 based on your retirement age:
- At age 62: $2,710
- At full retirement age (67): $3,822
- At age 70: $4,873
How to Boost Social Security Payment
But while these numbers may seem promising, there’s a bigger issue looming. Social Security is primarily funded through payroll taxes, with employees and employers each contributing 6.2% of wages. A smaller share—around 4%—comes from taxes on Social Security benefits. These funds are pooled into two federal trust funds responsible for paying benefits now and into the future.
The problem? The U.S. population is aging rapidly, and those trust funds are being drained faster than they’re being replenished. If nothing changes, those funds are expected to start running dry in about a decade, which could lead to a significant reduction in benefits for millions. This isn’t the first time the system has faced pressure. Back in 1983, the government raised the retirement age from 65 to 67 to save the program from insolvency—and it may need to act again soon.
Today, Social Security makes up roughly 30% of income for people over 65. And with the number of older Americans expected to jump from 58 million in 2022 to 82 million by 2050, the need for a sustainable solution is growing more urgent by the year.
So if you’re thinking about your financial future, take a moment to use the calculator. Knowing your numbers now can help you plan better for the years ahead—and possibly make a few smart moves that can lead to a bigger paycheck down the line.
