There were about 58 million beneficiaries receiving Social Security payments in February, according to the SSA, and the average monthly benefit was $1,249.55.
Using tools to determine how much you will receive in Social Security benefits, or analyze the best strategies for claiming, can help with planning for the future, said Andrew Way, senior analyst of retirement at research firm Corporate Insight. There are free and paid programs, which all provided similar results but explained the benefits in different contexts, according to a Corporate Insight study. “Knowledge is key,” he said. “You need to know what your situation is and what you can perhaps receive.”