What Is The Average Social Security Check? | Bankrate (2024)

Social Security offers a monthly benefit check to many kinds of recipients. As of December 2023, the average check is $1,767.03, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average.

Here’s the average Social Security check by recipient, how much your check could grow over time as well as the maximum benefit.

Average Social Security check by type

While most people think of Social Security as a program just for retirees, it serves many other groups, including the disabled, spouses and minor children of retirees as well as the spouses and minor children of deceased workers.

The amount that each group receives differs substantially.

In fact, the average retired worker receives $1,905.31 each month – about 8 percent more than Social Security recipients as a whole. Here’s how the figures break down by recipient, as of December 2023.

Type of beneficiaryPercent of total payoutsAverage monthly benefit
Source: Social Security Administration, December 2023
All recipients100%$1,767.03
Retirement benefits78.6%$1,856.38
Retired workers74.8%$1,905.31
Survivor benefits8.7%$1,501.60
Nondisabled widow(er)s5.2%$1,774.33
Disability insurance12.7%$1,395.49
Disabled workers11.0%$1,537.13

The table shows the three major recipient categories: retirement benefits, survivor benefits and disability benefits. The totals from these categories approximate 100 percent. The sub-category below each shows the top recipient of Social Security aid for that category.

As you can see, retirement benefits make up the vast bulk of Social Security – 78.6 percent – with most of that going to retired workers. The remainder in this category goes to spouses and minor children of retired workers, who receive a check of about $890 – 912 a month on average.

Survivor benefits comprise 8.7 percent of Social Security benefits. The top sub-category is non-disabled widows or widowers, who receive an average of $1,774.33 each month.

Disability insurance comprises about 12.7 percent of all Social Security payments, and the top recipient is disabled workers, who receive an average $1,537.13.

Those benefits may not be entirely taxable, either. Some Social Security recipients can also avoid taxes – legally – on their benefit check.

Benefits rise with cost of living adjustments

While the Social Security benefit is a nice chunk of change, if it stayed the same over the next 30 years, its purchasing power would decline due to inflation. That’s why Social Security increases its benefit checks over time with a cost of living adjustment, or COLA.

This increase is based on one version of the Consumer Price Index, which measures how much inflation has affected the prices that consumers pay for goods and services.

Usually, the COLA is relatively small, and the increase for 20243 was 3.2 percent due to higher inflation. That follows up an 8.7 percent increase in 2023.

Here’s the level of adjustments that recipients have enjoyed over the past decade.

YearCOLA increase
Source: Social Security Administration
20243.2%
20238.7%
20225.9%
20211.3%
20201.6%
20192.8%
20182.0%
20170.3%
20160%
20151.7%

So what would your total check be if you started with a $1,000 benefit in 2014? You’d be receiving $1,307.75 in 2024.

What is the maximum monthly Social Security benefit?

The most you could receive from Social Security depends on a few factors: how much you’ve earned over your working life, when you begin to take your benefits, and your COLA increase. Over time your benefits will increase if the COLA indicates an increase, of course.

The maximum initial monthly benefit for 2024 by retirement age:

  • At age 62: $2,710
  • At full retirement age: $3,822
  • At age 70: $4,873

These figures assume a worker had steady earnings at the maximum taxable level since age 22. For 2024, maximum taxable income is $168,600, a number that usually rises each year. Here’s how to estimate your benefit check.

Your benefit depends on how much you’ve earned, up to some maximum each year. And taking your benefit later in your life can also increase it substantially. Workers are able to claim a benefit early, at age 62, if they’ve contributed 10 years of work, before they reach what’s called full retirement age, which can range from 65 to 67, depending on when you were born.

If you claim early benefits, your check will be less than it otherwise could be at full retirement or even later. If you wait until age 70 to claim benefits, you’ll receive still more each month.

In fact, the right age to claim Social Security is probably the single most debated topic about the program.

To receive these benefits, you pay Social Security taxes of 6.2 percent on your income, up to the maximum tax income. Your employer pays another 6.2 percent of your salary into the fund, but if you’re self-employed you foot that portion of the tax bill, too.

Bottom line

The average Social Security check was never meant to replace a retired worker’s full income, and so it’s important that Social Security be part of your overall retirement plan, not your single source of income. If you have years to go before retirement, it’s vital that you get started on saving and investing while you still have time working in your favor.

What Is The Average Social Security Check? | Bankrate (2024)

FAQs

What Is The Average Social Security Check? | Bankrate? ›

For context, the average Social Security benefit for retired workers came to about $1,905 per month in December 2023. If you can afford to wait, then filing as late as possible – age 70 – can make a lot of sense. Your monthly benefit will increase for every month you delay claiming it.

What is the average person's Social Security check? ›

Social Security offers a monthly benefit check to many kinds of recipients. As of April 2024, the average check is $1,776.73, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average.

Is it better to collect Social Security at 62 or 67? ›

If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age.

What is the highest Social Security check you can make? ›

Here's an explanation for how we make money . If you're planning for retirement, one of your key questions is how much you can earn from Social Security – what's the maximum you can get? As of January 2024, the maximum benefit you can receive at full retirement age is $3,822 per month.

How to determine how much you will receive from Social Security? ›

Social Security benefits are typically computed using "average indexed monthly earnings." This average summarizes up to 35 years of a worker's indexed earnings. We apply a formula to this average to compute the primary insurance amount (PIA). The PIA is the basis for the benefits that are paid to an individual.

What is the lowest Social Security check? ›

  • Social Security's special minimum benefit pays at least $49.40 per month in 2023 and $50.90 in 2024.
  • Social Security's special minimum benefit tops out at $1,033.50 per month in 2023 and $1,066.50 in 2024.
  • You'll receive 100% of the benefit if you file at full retirement age or later.
Mar 22, 2023

At what age is Social Security no longer taxed? ›

Social Security tax FAQs

Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.

How do I get the $16728 Social Security bonus? ›

Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.

What is the #1 reason to take Social Security at 62? ›

While poor health is a good reason to claim Social Security at 62, perhaps an even better reason is that doing so will help you meet your retirement goals. You definitely need to think about the financial implications of an early filing -- there's no question about that.

What is the Social Security 5 year rule? ›

• If you become disabled before your full retirement age, you might qualify for Social Security disability benefits. You must have worked and paid Social Security taxes in five of the last 10 years.

When a husband dies, does his wife get his Social Security? ›

Social Security survivors benefits are paid to widows, widowers, and dependents of eligible workers. This benefit is particularly important for young families with children.

Do married couples get two Social Security checks? ›

To determine the amount of SSI benefits a couple is eligible to receive, their combined countable income is deducted from the FBR for a couple. The result is then divided equally and paid to the couple in separate checks.

At what age do you get 100% of your Social Security? ›

The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67. The chart on the next page lists the full retirement age by year of birth.

What is the average Social Security check? ›

The average Social Security retirement benefit in February 2024 was $1,862 per month, or about $22,344 per year.

Can my wife take Social Security at 62 and then switch to spousal benefit? ›

Can I file for my Social Security at 62 and switch to spousal benefits later? Only if your spouse is not yet receiving retirement benefits. In this case, you can claim your own Social Security beginning at 62 and make the switch to spousal benefits when your husband or wife files.

Is Social Security based on last 3 years of work? ›

Social Security bases your retirement benefits on your lifetime earnings. We adjust or “index” your actual earnings to account for changes in average wages since the year the earnings were received. Then we calculate your average indexed monthly earnings from your highest 35 years of earnings.

How much Social Security will I get if I make $100,000 a year? ›

If your pay at retirement will be $100,000, your benefits will start at $2,026 each month, which equals $24,315 per year. And if your pay at retirement will be $125,000, your monthly benefits at the outset will be $2,407 for $28,889 yearly.

What is the average Social Security check for a 67 year old? ›

According to the SSA's Office of the Actuary, retired-worker beneficiaries who were 62 years old in December 2023 received an average check of $1,298.26. As for 67-year-old retired-worker beneficiaries, the average payout was a more robust $1,883.50.

How much Social Security will I get if I make $75,000 a year? ›

If you earn $75,000 per year, you can expect to receive $2,358 per month -- or about $28,300 annually -- from Social Security.

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