The Average American's Social Security Benefit Just Reached Its Highest Level Ever
Every month, the Social Security Administration (SSA) releases a report called the Monthly Statistical Snapshot, which includes information about the number of Social Security beneficiaries and how much money the average person receives.In the most recent month reported (May), the average Social Security benefit paid to a retired worker reached an all-time high of $2,002.39. This is the first time the average has exceeded $2,000 per month and is a significant increase from the average retired worker's benefit of $1,917 a year ago.There are a few important things to unpack here. For one thing, benefits for retired workers are only one type of Social Security benefit. Out of the 69.6 million Social Security beneficiaries in the United States, nearly 17 million get other types of benefits, such as survivors' benefits, spousal benefits, and disability benefits.Continue reading
Every month, the Social Security Administration (SSA) releases a report called the Monthly Statistical Snapshot, which includes information about the number of Social Security beneficiaries and how much money the average person receives.
In the most recent month reported (May), the average Social Security benefit paid to a retired worker reached an all-time high of $2,002.39. This is the first time the average has exceeded $2,000 per month and is a significant increase from the average retired worker's benefit of $1,917 a year ago.
There are a few important things to unpack here. For one thing, benefits for retired workers are only one type of Social Security benefit. Out of the 69.6 million Social Security beneficiaries in the United States, nearly 17 million get other types of benefits, such as survivors' benefits, spousal benefits, and disability benefits.
