Can a Middle-Class American Retire on Social Security Alone?
The answer may surprise you
In doing some internet surfing, I stumbled onto a great article on gobanking.com titled Social Security: How Big is the Average Social Security Check of a Middle-Class Retiree?
According to the article, the median household income in 2022 was $74,580. Based on that income, a person retiring at 66 years and 6 months of age would receive $1985 monthly. At age 65 and 11 months, the benefit would be $1867 monthly. But if this individual can wait until age seventy, the benefit grows to $2696 monthly.
The problem with these numbers is that they use median household income rather than individual income, which is quite a bit lower. In fact, according to the Bureau of Labor Statistics, the median individual income in 2023 was $1145 weekly or $59,540 annually.
The Median Social Security Retirement Check 2024
Using the Social Security Benefits calculator, retiring at age 67 with a final income of $59,540 would provide a monthly Social Security Benefit of $1786. After subtracting the Medicare Part B premium of $174.70, you would have $1611.30.
It is important to note that in 2022, the middle class was defined as having an income of between $58,021…
