How much will typical Americans get in benefits?
Social Security is giving Americans a 2% cost-of-living increase in January, and that will raise what beneficiaries get from the program. The Social Security Administration estimates that the average monthly benefit for retired workers in January 2018 will be $1,404, and for couples who receive two benefits, the average total family benefits will be $2,340 per month.
Survivors of workers will also be entitled to significant benefits. A widowed parent with two children will see average total family benefits of $2,771 per month, while a surviving spouse without qualifying children will get an average of $1,336 monthly.
What's the new full retirement age for those retiring in 2018?
The SSA pays benefits based on a formula that starts with the assumption that you'll retire at your full retirement age. That number in turn depends on when you were born.