When you’re budgeting for retirement, it helps to know how much Social Security will provide and how far you can stretch the average benefits. Depending on where you live and how frugal you are, the money can be used to cover a lot of expenses. As of September 2018, the average Social Security benefit is $1,301.59 per month.
Social Security is designed to replace about 40% of your earnings, so it’s not intended to become your only source of income during retirement. Still, you might be surprised at what you can and can’t afford on the average Social Security check.