Few things are more important to Americans' retirement than Social Security. It's been a financial safety net for millions of Americans for decades, and ideally, this will continue for many decades to come.

Although Social Security will play a different role in people's retirement income, it's helpful to get a sense of average benefits to get a gist of what to possibly expect and begin putting together a broad financial plan.

As of the end of 2024, the average monthly benefit for a 75-year-old is $2,012. For men, it's higher at around $2,228; for women, it's lower at around $1,800.

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How Social Security determines your monthly benefit amount

Your Social Security monthly benefit amount is determined by your lifetime earnings and when you claim benefits.

In simple terms, the more you earn over your career, the higher a benefit you can expect because you've paid more in Social Security payroll taxes. There is a maximum benefit you can receive, so once you earn over a certain amount, your benefits won't get any higher.

As far as when you claim, monthly benefits are either reduced or increased depending on whether you claim before or after your full retirement age (FRA).

Your FRA is when you're eligible to receive your primary insurance amount (PIA), which is the starting point for your monthly benefit.

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As of January, the average monthly Social Security retirement benefit for all recipients is $1,929. The higher average for 75-year-olds can be because of factors like annual cost-of-living adjustments (COLAs), higher earnings, or credits for waiting to claim benefits.