Social Security provides a monthly benefit check to various recipients. As of July 2024, the average check is $1,782.74, according to the Social Security Administration. However, the amount can vary significantly based on the type of recipient. Retirees, for example, generally receive more than the overall average.
Here is the breakdown of the average Social Security check by recipient, the potential growth of your check over time, and the maximum benefit.
Average Social Security check by recipient type
Although Social Security is commonly associated with retirees, it also serves other groups such as the disabled, spouses, minor children of retirees, as well as the spouses and minor children of deceased workers.
The amount each group receives varies significantly.
For instance, the average retired worker receives $1,919.40 per month – approximately 8 percent higher than the average for all Social Security recipients. Below are the figures by recipient type as of July 2024.
| Type of beneficiary | Percent of total payouts | Average monthly benefit |
|---|---|---|
| Source: Social Security Administration, July 2024 | ||
| All recipients | 100% | $1,782.74 |
| Retirement benefits | 79.2% | $1,871.09 |
| Retired workers | 75.5% | $1,919.40 |
| Survivor benefits | 8.5% | $1,509.50 |
| Nondisabled widow(er)s | 5.1% | $1,784.31 |
| Disability insurance | 12.3% | $1,401.30 |
| Disabled workers | 10.7% | $1,538.85 |
The table illustrates the three primary recipient categories: retirement benefits, survivor benefits, and disability benefits, with these categories totaling approximately 100 percent. Each sub-category shows the top recipient within that category.
Retirement benefits constitute the majority of Social Security payments at 79.2 percent, with a significant portion going to retired workers. The remaining amount in this category is allocated to spouses and minor children of retired workers, who receive an average monthly check of around $892 to $910.
Survivor benefits make up 8.5 percent of Social Security benefits, with non-disabled widows or widowers being the top sub-category, receiving an average of $1,784.31 each month.
Disability insurance represents about 12.3 percent of all Social Security payments, with disabled workers being the top recipients, receiving an average of $1,538.85.
Moreover, some Social Security benefits may not be fully taxable. Certain recipients can legally avoid paying taxes on their benefit checks.
Benefits increase with cost of living adjustments
Although the Social Security benefit is significant, its purchasing power would diminish over the next few decades if it remained static due to inflation. To combat this, Social Security periodically enhances benefit checks through cost-of-living adjustments (COLAs).
These adjustments are based on a specific version of the Consumer Price Index, which measures the impact of inflation on consumer prices for goods and services.
Typically, COLAs are relatively modest. For instance, the COLA increase for 2024 was 3.2 percent due to higher inflation, following an 8.7 percent increase in 2023. It is projected that Social Security benefits will rise by approximately 2.6 percent in 2025.
Below is a summary of the adjustments that recipients have experienced over the past decade.
| Year | COLA increase |
|---|---|
| 2024 | 3.2% |
| 2023 | 8.7% |
| 2023 | 5.9% |
| 2023 | 1.3% |
| 2020 | 1.6% |
| 2019 | 2.8% |
| 2018 | 2.0% |
| 2017 | 0.3% |
| 2016 | 0% |
| 2015 | 1.7% |
Source: Social Security Administration
If you had started with a $1,000 benefit in 2014, your total check in 2024 would be $1,307.75.
Maximum monthly Social Security benefit
The maximum Social Security benefit you could receive is influenced by several factors, including your earnings history, the age at which you begin taking benefits, and your COLA adjustments. Over time, your benefits will increase if the COLA indicates a rise.
The maximum initial monthly benefit for 2024 based on retirement age is as follows:
- At age 62: $2,710
- At full retirement age: $3,822
- At age 70: $4,873
These figures assume that a worker had consistent earnings at the maximum taxable level since age 22. For 2024, the maximum taxable income is $168,600, a figure that typically increases annually. Here is how you can estimate your benefit check.
Your benefit is determined by your earnings, up to a maximum each year. Additionally, delaying claiming your benefits can substantially increase them. Workers can opt to claim early benefits at age 62 if they have worked for at least 10 years, before reaching full retirement age, which varies from 65 to 67 depending on birth year.
If you claim benefits early, your check will be lower compared to what you would receive at full retirement age or later. Waiting until age 70 to claim benefits will result in a higher monthly payment.
The optimal age to claim Social Security benefits is a highly debated topic within the program.
To receive these benefits, you contribute 6.2 percent of your income to Social Security taxes, up to the maximum taxable income. Your employer also contributes 6.2 percent of your salary to the fund, but if you are self-employed, you are responsible for this portion of the tax.
Conclusion
The average Social Security check was never designed to replace a retiree’s full income. Therefore, it is essential to incorporate Social Security into your comprehensive retirement plan rather than relying solely on it as your sole income source. If retirement is still years away for you, it is crucial to begin saving and investing now while time is on your side.
— This article has been updated with contributions from Bankrate’s Rachel Christian.