Supplemental Security Income 2022 update -‘$10,092’ Social Security checks sent out as calls for another payment mount


Social Security won’t replace income after retirement

When you plan for retirement, it’s important to remember that Social Security is only meant to cover about 40% of pre-retirement income.

The maximum benefit is $3,345 a month for someone who files for Social Security in 2022 at full retirement age (FRA).

FRA is the age at which you qualify for 100% of the benefit calculated from your earnings history.

This is $40,140 annually. However, the average rent in the United States is about $1,100 to $1,200.

This leaves a retiree with $25,740 annually, which is just above the poverty line.


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