What is the average social security payment in 2024 per person?
Social Security is a main source of income for most people over the age of 65. Given retirees’ dependence on this check, what’s the average monthly payment?
More than 70 million Americans receive benefits from Social Security and/or Supplemental Security Income and Social Security Disability Insurance each month.
Many of the retirement program’s beneficiaries rely heavily on these payments for their day-to-day expenses; Social Security is the major source of income for most people over the age of 65.
Given the dependence on these benefits, it’s important to have a pragmatic look at how much money you will get from Social Security once you retire. Let’s take a look at how much the beneficiaries currently receive.
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What is the average social security payment in 2024 per person?
According to the Social Security Administration (SSA), the average monthly benefit for a retired worker is $1,907 in 2024. This is a 3.2% increase from the $1,848 monthly rate that they received in 2023, thanks to the cost of living adjustment that’s meant to help retirees maintain their purchasing power in the face of inflation.
However, retired workers are not the only people who benefit from Social Security. People with disabilities, spouses and minor children of retirees, and survivors of deceased workers also receive benefits from the SSA.
Taking into account all recipients of Social Security programs, here is the average monthly amount they are given, according to SSA figures from December 2023.
| TYPE OF BENEFICIARY | AVERAGE MONTHLY BENEFIT |
|---|---|
| ALL RECIPIENTS | $1,767.03 |
| Retirement benefits | $1,856.38 |
| *Retired workers | $1,905.31 |
| Survivor benefits | $1,501.60 |
| *Nondisabled widow(er)s | $1,774.33 |
| Disability insurance | $1,395.49 |
| *Disabled workers | $1,537.13 |
The beneficiaries of Social Security are divided into three main categories: people who have retired, survivors of deceased workers, and people with disabilities. Under each category, the people who receive the biggest share of the benefits are highlighted.
For example, retired workers get the lion’s share of retirement benefits. The others who belong to this category include spouses and minor children of retired workers, who receive around $900 a month.