After the 3.2% Cost of Living Adjustment, Social Security recipients got an average payment worth $1,907 in retirement. That was the average amount as of January 2024.
This average amount has been increasing over time. Actually, this means retirees have gotten higher benefits once they retire thanks to COLAs. As of July 2024, the average retirement benefit payment is worth $1,919. The difference is not big, but it is more than 10 dollars per month.
Average Social Security retirement payment per year
If we take $1,907 as the reference for the whole year, we could say that the average retirement benefit per year is worth $22,884. So, it could be around $23,000 if this figure is rounded.
It will not be far from reality because the average check per month is now $1,919, which could be $23,028 per year. However, some retirees may qualify for a payment of up to $4,873, which is about 58,476 dollars per year.
This large benefit is only for high earners who paid the taxable maximum for 35 years and filed at 70. If you are still working and you would like to know your payment amount, you can do this.
Social Security can help you find out your future payment
Bear in mind that Social Security payments are only for those who have worked for a minimum of ten years in jobs covered by SSA. So, if you do not meet this essential requirement, you may not get retirement benefits.
To know what your future monthly and annual Social Security check or direct deposit will be like, you must download a Statement for free. It will show you if you qualify for retirement benefits and how much.
What is more, it will let know know the possible amounts depending on the age you file for retirement. Besides, you could see if you could get SSDI benefits if you have a qualifying disability or if your family could receive survivor benefits.
