QUESTION: What’s the average monthly Social Security benefit for a retired worker? How is the retirement benefit calculated?

ANSWER: The average monthly Social Security benefit for a retired worker is $1,294. Social Security benefits are based on earnings averaged over most of a worker’s lifetime. Your actual earnings are first adjusted or “indexed” to account for changes in average wages since the year the earnings were received. The agency calculates your average monthly indexed earnings during the 35 years in which you earned the most. A formula is applied to these earnings to arrive at your basic benefit amount. Learn more by visiting www.socialsecurity.gov.