Most retirees receive lower Social Security benefits than expected

The maximum Social Security benefit for 2025 is $5,108, but most retirees receive about $1,979 monthly. Many cannot reach the maximum due to insufficient earnings over 35 years, with the current wage cap at $176,100. To increase benefits, retirees can delay claiming Social Security until age 70, which guarantees a higher monthly amount. Additionally, strategic investments, such as dividend stocks and municipal bonds, can provide supplemental income. Working part-time during retirement can also boost income. Retirees can earn a paycheck while receiving Social Security, but earnings may affect benefits if they haven't reached full retirement age.