How Much Is the Average Social Security Check?

You may be aware that Social Security is a benefit available to most people in retirement, but understanding how much you’ll get might feel like a slippery task. There are lots of factors that will influence your monthly benefit payment amount, and many of these factors can change before you reach retirement.

Having a general sense of what the average monthly Social Security payment is today can help provide a frame of reference as you consider this benefit and how it will work with your financial picture. Here, we’ll give you a brief overview on how Social Security works and today’s average payment amount.

What is Social Security? 

Social Security is a benefit that provides a regular source of income from the government. As of 2024, 68 million Americans receive about $1.5 trillion in benefits, according to the Social Security Administration (SSA). The majority of people receiving these benefits—almost 78 percent—are retired workers and their dependents. Benefits are also paid to people who can’t work because of a mental or physical condition that is expected to last more than one year (and their dependents) and surviving widows, widowers, dependents and parents of someone who paid into Social Security before they passed.

Social Security benefits are also available to some family members of someone receiving Social Security. Generally speaking, family members eligible to receive benefits can get a separate amount as high as 50 percent of the beneficiary’s benefit amount.

How are monthly Social Security benefit payment amounts determined?  

The payment amount can vary depending on what type of benefit it is. Here is how the Social Security Administration determines benefit payments for the different benefit types:  

Social Security retirement benefits  

Social Security is a benefit that provides a regular source of income from the government. As of 2023, 67 million Americans receive more than $1 trillion in benefits, according to the Social Security Administration (SSA). The majority of people receiving these benefits—almost 77 percent—are retired workers and their dependents. Benefits are also paid to people who can’t work because of a mental or physical condition that is expected to last more than one year (and their dependents) and surviving widows, widowers, dependents and parents of someone who paid into Social Security before they passed.

Social Security benefits are also available to some family members of someone receiving Social Security. Generally speaking, family members eligible to receive benefits can get a separate amount as high as 50 percent of the beneficiary’s benefit amount.

Social Security disability and need-based benefits 

Social Security Disability benefits are available to “insured” individuals, meaning they have contributed to Social Security through former employment (before they were unable to work). The amount of the benefit payment (and payments to eligible family members) will be based on total income during the time of work.

Supplemental Security Income (SSI) is another benefit program available to individuals who have a disability and have demonstrated additional financial limits or people age 65 or older  (without disabilities) who meet the financial requirements. SSI benefits depend on how much the beneficiary (or their family members if the beneficiary is a dependent) is making and how that compares to the SSI federal benefit rate. (It is possible to collect both SSDI benefits and SSI benefits concurrently.)

Social Security survivor benefits 

Like retirement benefits, survivor benefits vary depending on how much the person who died earned before passing. The higher the income, the more was likely paid into Social Security and the higher the benefit payment is likely to be.

Survivor benefits will also vary depending on the beneficiary’s relationship to the deceased. A surviving spouse is eligible to receive 100 percent of the deceased worker’s benefit amount, whereas a surviving child under 18 can collect 75 percent of the benefit amount.

Average Social Security retirement payments 

In January 2024, the average monthly Social Security retirement benefit for a retired worker was $1,909.01. But remember, your specific benefit payment amount will be specific to you and your situation. Whether you begin taking Social Security before, at or after the full retirement age can change this payment amount as well. Here’s a link to the full retirement age chart if you need help determining your full retirement age.  

There is also a maximum amount you’re eligible to receive. In 2024, the maximum monthly retirement benefit available is $4,873 if you retire at age 70. If you retire at age 62 in 2024, the maximum benefit is $2,710.

Once retired workers begin to collect Social Security, their spouses and their dependent children may also be eligible to receive a benefit. Here are the average monthly payments for the family of retired workers:

• Spouse of retired worker: $912.42
• Children of retired workers: $891.35

Average Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) payments

Disability insurance benefit payments also have a fairly wide range, but here are the monthly averages for 2024.

• Disabled workers receive a monthly average payment of $1,537.03
• Spouses of disabled workers receive a monthly average payment of $419.15
• Children of disabled workers receive a monthly average payment of $492.78

Average monthly SSI payment for beneficiaries

As of January 2024, the overall average SSI payment is $697.89. This amount can also vary by age (as well as income). Here are averages for different age ranges:

• Those under 18 receive an average monthly payment of $814.45
• Those age 18 – 64 receive an average monthly payment of $742.97
• Those 65 or older receive an average monthly payment of $574.46

Average survivor Social Security payments 

Because the relationship to the deceased has a large impact on how much a survivor will receive, we’ve broken out the average monthly benefit payments that way, too.  

Average monthly Social Security survivor benefit payment for beneficiaries

• Children of deceased workers receive an average monthly payment of $1,104.73
• Widowed mothers and fathers receive an average monthly payment of $1,262.24
• Nondisabled widow(er)s receive an average monthly payment of $1,778.04
• Disabled widow(er)s receive an average monthly payment of $926.25
• Parents of deceased workers receive an average monthly payment of $1,602.42

Does Social Security adjust for inflation or a rise in the cost of living? 

According to the Social Security Administration, the life expectancy for a 65-year-old is now more than 20 years, meaning people could be collecting  Social Security for that amount of time (or more). A lot can change over the course of 20 years—especially the cost of living.

To keep up with inflation and increases to the cost of living, the SSA annually increases monthly benefit payments by what is called a cost-of-living adjustment (COLA). In January 2024, anyone on Social Security got a 3.2 percent COLA increase to the benefit amount they were receiving in 2023.

The COLA percentage increase is based on the percentage increase of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W)—a measurement the U.S. Bureau of Labor Statistics takes every month to track the average change over time in the amount urban wage earners and clerical workers paid for consumer goods and services—from the third quarter of the year prior to the year of increase. Notices about increase amounts are typically available on your Social Security online account in December for the following year, so you’d be able to plan and make adjustments to other streams of income. 

How are Social Security checks taxed?

How your Social Security benefit is taxed depends on several factors, like your adjusted gross income and tax-exempt interest. In some cases, you may not have to pay taxes at all on your benefit, but about 40 percent of people collecting Social Security will pay some taxes on their benefit, according to the Social Security Administration. But the good news is: You’ll never have to pay taxes on more than 85 percent of your benefit.

What is a good monthly retirement income?  

How much you need to retire will depend entirely on how you want to live in retirement and what you want to do with your retirement. If you’re looking to live a life like the one you had before you retired, you’ll probably want an income similar to just before you retired. If you’re looking to relocate and travel more, you may need more.

But the key is that a good retirement income should be a balanced one. Social Security provides a great base of income in retirement, but chances are it’s not going to be enough to cover your monthly expenses completely. Diversifying your sources of retirement income with vehicles like a 401(k), an IRA, an annuity or even a permanent life insurance policy can help protect you against market volatility and give you a steady income in retirement. If you need help designing a retirement plan or figuring out how to maximize your Social Security payment, a financial advisor should be able to provide recommendations to help you build the life you want in retirement.

All investments carry some level of risk, including the potential loss of principal invested. Diversification does not assure profit or protect against loss.