The average benefit in 2022 is $ 1,657 for all Social Security beneficiaries. This is taken into account after knowing the Cost of Living Adjustment (COLA). Anyway, as always when we use the term “average”, there are many things to consider. As a result, the type of population and the amount of the benefit often have a big influence on the money you receive.
The total number of people receiving such a benefit is 65 million. Most of these people receive social security benefits because of old age and survivors. Another group, smaller than the previous one, but also quite numerous, are people with a certain degree of disability. We need to add both their partners and their children to the above groups, so the list grows a bit.
So how much does a person receiving social insurance help really get? Well, as we said before, there is no exact amount and it all depends on many different factors, so it’s impossible to give a number outright.
Old Age and Survivors’ Insurance
A large portion of Social Security beneficiaries are covered by Old Age and Survivors Insurance. In fact, this group represents almost 86% of Social Security beneficiaries and just under 56 million people. Of course, having a large group means a large payout: the state pays more than $83 billion each month to Old-Age and Survivors Insurance beneficiaries. The average monthly benefit is $1,490.85.
However, you may need a more specific number. At the end of the day, however, most of this figure belongs to retirees. This group of retirees received about $1550 in November 2001, totaling $74 billion. This is because the number of retirees amounted, then, to 47,248,000 workers.
On the other hand, it should be noted that the average is lower, since here we have to include in the group the children and partners of retirees. Spouses of retirees can receive up to half of what retirees receive in social security, so the figure would be, more or less, about $790. This brings the total for this part to almost $800,000.
In addition to retirement benefits, this group includes those who receive survivor benefits. Although this group is smaller, with a total of 5.86 million beneficiaries, there are several distinct groups receiving survivor benefits. On average, Social Security survivors’ benefits amount to $1,250.46 per month, with a total outlay of $7.3 billion.