The average monthly benefit with the cost of living adjustment (COLA) in 2022 for all Social Security claimants is $1,657. However, as is often the case when a single average is used to represent the entire population, a lot of detail is lost.
As a result, GOBankingRates opted to look at how much people are receiving in Social Security benefits based on different sorts of demographics and benefits rather than a single average.
The number of persons getting these types of assistance totals more than 65 million. The vast majority of them are collecting Old-Age and Survivors Insurance, which covers spouses and children of retired workers.
Those getting disability insurance make up a smaller portion, which can include wives and children.
Keep in mind that the Social Security Administration is planning to increase benefits in 2022, but the data utilised by GOBankingRates comes from the most recent SSA Monthly Statistics Snapshot,
which was released in November 2021. Because the 2022 COLA is not included in the snapshot, the values are slightly lower.
Insurance for the Elderly and Survivors
Old-Age and Survivors Insurance covers the bulk of Social Security claimants. In reality, this group accounts for about 86 per cent of all Social Security recipients or over 56 million people.
Of course, with such a large population, the payout is likewise large – each month, Old-Age and Survivors Insurance recipients receive more than $83 billion. The average benefit is $1,490.85 per month.
Even this number, though, may not be precise enough. After all, most of us will be concerned with the number of retired workers, which is a subset of all retirement benefits.
47,248,000 retired workers were getting roughly $74 billion per month as of November 2021, according to the snapshot. This equates to a monthly benefit of $1,563.82 per worker on average.
However, because it includes spouses and children of retired employees, the overall average is lower. Retired workers’ spouses, who account for 3.3 per cent of all retirement benefit claimants, are eligible for “as much as half” of the primary insurance sum.
As a result, spouses earn an average of $793.59 per month, for a total payout of $1.73 billion.
This group includes persons who get survivor benefits in addition to retirement benefits. Even though this group is smaller, with 5.86 million participants, various separate groups receive this type of assistance.
Survivor benefits average $1,250.46 per month, for a total payout of $7.3 billion.
Survivor benefits are available to the following groups:
Children of workers who have died
Mothers and fathers who are widowed
Widow(er)s who are not disabled
Widow(er)s who are disabled
Parents of workers who have died
Children of deceased employees and non-disabled widows (er)s are the two groups who receive the majority of survivor payments. Children of dead workers account for 3% of recipients, with an average payout of $923.05.
The entire monthly payout is $1.8 billion. Non-disabled widows (er)s make up 5.5 per cent of all Social Security recipients, with an average monthly benefit of $1,467.14. Every month, they give out a total of $5.2 billion.
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Insurance for People With Disabilities
The Social Security Administration also pays out Disability Insurance payouts. Even though it is a considerably smaller population, it nevertheless contains over 9 million recipients across the country.
The Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) programmes are both disability insurance programmes. While they are two independent programmes, the medical qualifications are the same, according to the SSA.
When all disability insurance benefits are taken into account, the average monthly payout is $1,154.07. This category accounts for 14.2% of Social Security recipients, versus 85.8% for Old-Age and Survivors Insurance.
Disabled workers, as well as their spouses and children, are covered under disability insurance. Disabled workers, of course, receive the highest monthly compensation, with an average payout of $1,282.39.
They also make up the majority of disability insurance beneficiaries, accounting for 12.1% of all Social Security beneficiaries. The total amount they pay out each month is $10.1 billion.
The remainder goes to the children of disabled employees, who make up 1.9 per cent of all recipients. Their average monthly benefit is $403.37, resulting in a monthly payout of $504 million.
Only 0.1 per cent of Social Security claimants are married. Their average monthly benefit is $357.24 per month, for a total of $35 million in benefits.