Average Social Security check in 2026: How much you'll get and how to maximize your retirement nest egg

The size of your Social Security check depends on your work history, lifetime earnings, retirement age and the year you start claiming benefits.

Following a 2.8% cost-of-living adjustment (COLA) from 2025, the average Social Security retirement benefit is approximately $2,083 per month as of May 2026, equivalent to just under $25,000 per year.

The nonprofit Senior Citizens League (TSCL) has projected a 3.8% increase in Social Security benefits for 2027. That would boost the average benefit check by about $79 a month, "but it won't be enough," TSCL Executive Director Shannon Benton said in a statement.

"We're seeing inflation on the rise, when more than half of seniors already can't afford basic living standards," Benton added. "We're talking about food, a roof over their head and transportation. Many seniors already have to skip doctor's appointments due to costs."

Find out how Social Security benefits are calculated, how much the average retiree receives in 2026, what a higher 2027 COLA could mean for your monthly check and why experts recommend additional retirement savings.

Social Security benefits are based on your highest 35 years of earnings, adjusted for wage growth, and the age at which you claim benefits.

The Social Security Administration (SSA) reviews your lifetime earnings and averages your 35 highest-earning years into a monthly amount known as your Average Indexed Monthly Earnings (AIME).

Your AIME is then applied to a progressive formula to determine your Primary Insurance Amount (PIA), or the benefit you should receive when you reach your full retirement age (FRA)

Workers who claim before their FRA receive permanently reduced monthly payments, while delaying benefits until age 70 increases monthly checks.

• Claiming at your FRA: You receive 100% of your calculated PIA.
• Claiming early ( 62 to FRA): Your benefits are reduced for each month you claim before your Full Retirement Age
• Delay claiming: You earn credits that increase your monthly check by a percentage (about 8% per year) for every month you wait past your FRA, up to age 70.

If your FRA is 67, claiming at 62 reduces your monthly benefit by about 30%, according to AARP. Waiting until 70, however, would boost your check by about 24%.

Signed into law by President Franklin Roosevelt, Social Security was never intended to cover all of a retiree's expenses. 

"We can never insure one hundred percent of the population against one hundred percent of the hazards and vicissitudes of life," Roosevelt said at the signing on Aug. 14, 1935. "But we have tried to frame a law which will give some measure of protection ... against the loss of a job and against poverty-ridden old age."

Retirement income has long been described as a "three-legged stool" consisting of Social Security, employer pensions and individual savings accounts, such as a 401(k) or an IRA. 

Fewer and fewer companies offer pensions, however, making that stool increasingly wobbly.

Nearly 14% of retirees aged 65 to 69 rely on their Social Security benefits for 90% or more of their household income, according to data from the Congressional Research Service. For retirees 70 to 74, it rises to 16.7%, and for those 80 and older, it's up to 26.9%.

The average benefit check is a bit more than $2,080 per month. According to TSCL, factoring basic living expenses and rent for a 1-bedroom apartment, the average cost of living for a senior citizen is about $2,700 per month.

Over the course of a year, that's a deficit of about $7,400.

If the 3.8% COLA increase is accurate, that would increase the average Social Security benefit check to about $2,162, or just under $26,000 per year.

When it comes to retirement savings, start as early as you can, with whatever you can — whether that's through an employer-sponsored 401(k) or an individual retirement account (IRA).

If you started saving for retirement at age 25 and had investments yielding a 6% return, you would need to set aside about $500 per month to reach $1 million by age 65. If you waited until you were 40, you would need to invest approximately $1,450 per month until 65 to reach the same goal.

Experts recommend saving between 10% and 20% of your annual income, but anything you can contribute is a good start, especially to reap the benefits of compound interest.

401(k) accounts

With a 401(k), pre-tax money is deducted from your paycheck, your investments grow tax-free and you pay income tax when you make withdrawals in retirement.

If your employer matches your 401(k) contributions, focus on maximizing that match — it's as close to free money as you can get. There is usually a cap on this benefit: You might put 10% of your paycheck into your 401(k), but your employer may only match the first 5%.

Employer contributions can be a dollar-to-dollar or a partial match. The most common formula is a combination of the two that maxes out at 5%: Your employer might offer a full match up to 3% of your salary, then move to a partial match of 50 cents for every dollar on the next 2%.

IRAs

After you've maximized your employer's 401(k) match, consider opening an IRA. Traditional IRA contributions are made with after-tax money — your investments grow tax-deferred and withdrawals in retirement are generally taxed as ordinary income.

There are no income caps, and your account is not tied to your workplace, so you can keep contributing as long as you're earning income. (If you don't have access to an employer-sponsored retirement plan, your contributions may be tax-deductible. )

With a Roth IRA, contributions are made with after-tax dollars, and qualified withdrawals in retirement are tax-free. This can be especially beneficial if you expect to be in a higher tax bracket in retirement. However, the IRS imposes annual income caps on Roth IRA eligibility, so check whether you qualify.

Opening a traditional or Roth IRA through Charles Schwab gives you access to $0 account minimums, zero-commission trades and the powerful thinkorswim trading platform, which is perfect for self-directed savers. You also get 24/7 customer service and access to a nationwide network of more than 300 branch locations.

If you're new to investing, a robo-advisor can create a portfolio based on your financial goals, retirement horizon and risk tolerance. Robo-advisors typically invest in low-fee mutual and ETFs, using an algorithm to rebalance your portfolio by periodically buying and selling funds and securities to meet your financial goals. 

Wealthfront and Betterment are two of our top picks for robo-advisors, based on fees, account minimums and investments offered. Betterment is well-tailored to beginner investors, thanks to its no-minimum-balance requirement and automated algorithms that manage, adjust and rebalance your portfolio over time.

Wealthfront also provides automated rebalancing, as well as robust tax-optimization features and a low 0.25% annual management fee. If you want hands-on support, though, it doesn't have human financial advisors.

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