The COLA is one of the most important elements for United States Social Security beneficiaries. And it’s because of the COLA that retirees of all classes are able to get a larger benefit year after year. And in this year 2024 we see ourselves with a larger average check that makes beneficiaries have a better standard of living overall.
Still, it should be noted that a higher average Social Security check does not mean that a retiree can collect more money every month. What does make the retiree collect more money is the COLA, which increases all benefits each year. So pay attention to the COLA as it will give you a chance each year to get a good amount of extra money on a monthly basis.
The average benefit is derived from the sum of all current benefits. For that reason, the average check for this year 2024 is higher as all the checks have increased. As all the checks increase, the average also increases. This will be true every year, but it could also change and have a smaller benefit if, in one case, many United States citizens request a small check.
Anyway, what is important is everyone’s individual check. But it’s a good idea to look at what the average Social Security check is so you know exactly how much money you could get once you apply for retirement. Do you already know what your check will be when you retire?
Average Social Security benefits in 2024
Here’s a look at the average benefit for various categories in January 2024. These average Social Security checks do not mean that all retirees will get every single check with a minimum payment of this amount. Each beneficiary gets his or her different benefit, whether it is higher or lower than the amount an average retiree receives.
These are the average retirement benefits in 2024:
- General retirement category: $1,907 per month.
- Disability Benefit (SSDI): $1,665 per month.
- Social Security widow’s benefit: $1,845 per month.
- Young Widow’s and Widower’s Benefit with a child in care: $1,372 per month.
As discussed above, this does not mean that all beneficiaries will get such a payment. Each retiree gets a different check based on their individual situation.
What is the maximum retirement check?
The maximum payment that the Social Security Administration sends out in this year 2024 is $4,873 per month. This is the benefit you can get if you maximize your retirement check, although it is not necessary to reach such a high figure in order to have a good standard of living.
If you have a low income, you can also get a Supplemental Security Income payment, which is another benefit that can provide up to $943 per month. However, you must be 65 years of age or older or have a disability in order to receive this payment every month.
In order to get the biggest possible check from Social Security, you must work for 35 years at a high salary and apply for retirement late. If we wait until age 70, the check can reach $4,873 in 2024, although it is not 100% certain that all beneficiaries will get this check.
The best way to find out what our benefit will be is to use the official Social Security calculator. This can give us a good approximation of what our check will be once we retire.