There are a large number of retirees in the United States. Within Social Security there are several types of benefits, which are distributed among more than 70 million people. Of that number, 71.4% are retirees only. Therefore, the majority of Social Security benefits go to this group of people. The rest of the benefits are related to other areas that do not require the obligation to be retired.
As every year there is an increase due to the COLA, it is always necessary to update what the average benefit is. At the moment, in this year 2022 we have an average Social Security retirement benefit of $1,621.27 per month. This average is far short of the maximum benefit of $4,194, which is nearly impossible for most retirees.
Social Security is the largest source of income for many
Although not all retirees rely fully on the retirement benefit, a large portion of them do rely solely on this check. Thus, Social Security is entirely responsible for their financial stability. Moreover, whether it is their only source of income or not, 9 out of 10 over the age of 65 collect a retirement benefit from the SSA.
With this information you will be able to know the day on which the money will appear in your bank account. However, remember that it may take up to 3 days to reach your bank, unless you use Direct Deposit.