Here's the average Social Security benefit for people age 65. Waiting longer to claim benefits, even past retirement age, can boost monthly payments

As of May 2025, over 55 million people receive Social Security retirement benefits, with most relying on them for most or all of their retirement income. The amount of these benefits varies, but having a gist of average benefits at certain ages can help you set expectations and begin planning your budget accordingly.

The cost of living in each state is the key factor in how much you need in retirement. In Alabama, the annual cost of living comfortably was estimated to be $70,492. The savings needed to retire at age 60 with no Social Security was $1.409 million; the savings needed to retire at age 70 with no Social Security was $704,919.