Final answer:
The average monthly Social Security retirement benefit is around $1,500. Whether it is enough to live on varies depending on individual circumstances and expenses. Many retirees may need additional sources of income and savings to cover all their expenses.
Step-by-step explanation:
The average Social Security monthly payment for a retiree varies based on various factors, such as the retiree's earnings history and the age at which they start claiming benefits. As of 2021, the average monthly Social Security retirement benefit is around $1,500.
Whether this amount is enough to live on depends on individual circumstances and expenses. $1,500 might be sufficient for some retirees who have additional sources of income or who live in areas with a lower cost of living. However, for many retirees, Social Security alone may not provide enough income to cover all living expenses, especially in areas with higher costs of living or with significant healthcare and long-term care costs. It is recommended that individuals plan and save for retirement in addition to relying on Social Security benefits.