Millions of older Americans today get a benefit each month from Social Security. And a 2020 report by the National Institute on Retirement Security found that 40% of Americans have only Social Security to rely on for retirement income.

To receive the highest Social Security benefits, you'll have to earn at least the maximum taxable amount annually. For 2025, that's $176,100. In 2015, the amount was $118,500. Any earnings made over the maximum amount isn't taxed and won't count toward your total earnings.

The average 67-year-old retired worker gets $1,883.50 per month from their Social Security benefit, which is $22,602 per year. This is slightly less than the $1,905.31 average benefit paid to retired workers,

Your Social Security benefits can be an important part of your retirement income — but when should you start collecting them? Joining us to discuss how to carefully consider your Social Security options was Jim Lyons from Edward Jones.

Navigating the complexities of Social Security can be daunting, especially if you haven't accumulated the required 40 work credits.