According to its most recently published snapshot, the average Social Security recipient gets about $1,519 per month in benefits from the program. From that amount, recipients aged 65 or older generally see at least $144.60 deducted for Medicare Part B premiums. That leaves around $1,374 per month for most retirees who depend on Social Security for their retirement.
That raises a huge question: Is that enough to cover your costs of living? Can you really retire on only $1,374 per month? If you’re relying only on Social Security for your retirement, that’s what you may very well find yourself with.