Chapter 14 Financial Planning Exercise 6 Average Social Security benefits Use Exhibit 14.3 to determine the annual Social Security benefit for Bob Lemus, assuming that he is an average retiree Bob is 65 years old and earns $17,500 a year at a part-time job. (Note that Bob is already at full retirement age", because he was born well before 1960.) $ Next Check My Work 7 more Check My Work uses remaining EXHIBIT 14,3 Average Monthly Social Security Benefits Paid in 2015 The Social Security benefits listed here are averages that include a variety of ages at which beneficiaries retired. As time Danses, the beneficiary will receive correspondingly higher benefits as the cost of living goes up. However the average benefits drammatice that you should not rely on such benefits too heavily in your retirement planning Type of Beneficiary Average Monthly Benefit Retired worker $1,328 Retired couple $2.175 Disabled worker $1,165 Disabled worker with a spouse and child $1.920 Widow or widower $1,24 Young widow or widower with two children $2,680 Source: Understanding the SSA 05-100014, ION 454030, www.BENS 102.com