As a young person, it’s not possible to know exactly how much you’ll receive in Social Security retirement benefits. They’re calculated based on various factors, such as the current law, your future earnings, how long you pay payroll or self-employment taxes, the age you elect to start receiving benefits, and military service.

However, according to the Social Security Administration, the benefit replaces only about 40% of your preretirement earnings, if you have average income. As of June 2013, the average monthly benefit for a retired worker was $1,269. The maximum monthly benefit was $2,533; however, higher benefits may be possible if you choose to delay benefits and start receiving them after you reach full retirement age.

Therefore, it’s important not to count on Social Security retirement benefits as your sole source of income during retirement. The program was created as a supplement for personal savings, not as a substitute for having a retirement plan.