Working many years of your life has a reward at the end: a retirement savings that you can use to keep earning money after you’ve worked and that you’ll collect monthly.
Depending on when you saved and what you paid in, this is the amount Social Security will give you once you turn 62. Based on Social Security itself, the average check is about $1,500, but assuming you are registered with another type, that amount can go up or down depending on your situation.
Retirees, people with disabilities, wives of workers, wives with children with disabilities and others are the groups that receive different supports. Here we leave you the table that reveals the social security with the amounts to be collected monthly:
- Type of Beneficiary Percentage of Average Monthly Benefit Payment
- All beneficiaries 100% $1,536.94
- Retirement Benefits 77% $1,618.29
- Retirees 72.7% $1,665.18
- Whole Life Insurance 9% $1,325.68
- Widow(er) Non-Disability 5.4% $1,559.42
- Disability Insurance 14% $1,224.53
- Disabled Workers 12% $1,360.16
Social Security Administration
According to Social Security itself, the table is divided into three categories with their subcategories. Retirement, life and disability insurance are the main branches. Among retirees, the wives and children of these retirees receive a check from the government for $800 per month. Monthly check increases According to Social Security itself, monthly check increases vary according to some financial indicators. The first of these is the Cost of Living Adjustment (COLA).
Depending on what inflation is causing, this is the percentage that Social Security will increase in the checks. In recent years it has increased, some years more, some years less, but it has always been increasing. The biggest change was from 2021 to 2022, with a COLA increase of 5.9%.
The maximum benefit from a check is also based on your age, how much you have saved while on the job, and the COLA increase. So, according to Social Security, these are the maximum amounts you can get per month for your retirement:
- Age 62: $2,364
- Age 65: $2,993
- Age 66: $3,240
- Age 70: $4,194
