4. Average Social Security benefits and taxes. Use Exhibit 14.2 to estimate the average Social Security benefits for a retired couple. Assume that one spouse has a part-time job that pays $24,000 a year, and that this person also receives another $47,000 a year from a company pension. Based on current policies, would this couple be liable for any tax on their Social Security income? E chibit 14.2 Average Monthly Social Security Benefits Paid in 2018 The Social Security benefits listed here are averages that include a variety of ages at which beneficiaries retired. With the pas- sage of time, the beneficiary will receive correspondingly higher benefits as the cost of living goes up. However, these average benefits dramatize that you should not rely on such benefits too heavily in your retirement planning. Type of Beneficiary Average Monthly Benefit Retired worker $1,404 Retired couple $2,340 Disabled worker $1,197 Disabled worker with a spouse and child $2,054 Widow or widower $1,338 Young widow or widower with two children $2,743