One of the most significant programs ensuring financial security for US citizens is Social Security. Administered by the Social Security Administration (SSA), this program offers monthly benefits to eligible individuals.
As of February 2023, the standard monthly benefit amount stands at $1,693.88, as specified by the SSA. It’s important to note that the average benefit amount can vary depending on the recipient type.
Social Security Benefits For Different Recipient Groups
Depending on the type of program a person is engaged in, the typical social security check amount varies, but as a starting point, programs tend to benefit retirees, the disabled, spouses, children, and grandchildren of retirees, as well as the spouses and young children of employees who have passed away.
An average retired worker typically receives $1,830.66, which is 8% higher than other Social Security recipients. Retirement benefits, survivor benefits, and disability benefits make up the main three groups of recipients for the check.
The SSA is made up of 77.9% payouts for retirees, leaving spouses and minor children of retired employees with an average monthly payment of $860 to $900.
Then there are Survivor Benefits, which are payments made to non-disabled widows and widowers. These payments total 8.8%, or $1,710.46 a month.
The percentage works out to 13.2% ($1,483.17), which is covered by disability insurance benefits, which apply to all disabled workers.
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Understanding The Case of COLA Increase In 2023
Regularly, SSA recipients are affected by inflation just like everyone else.
Fortunately, the program grows by accounting for the Cost-of-Living Adjustment (COLA), which will result in an 8.7% increase in 2023.
This wasn’t the case in earlier years; in 2017, the COLA rise was only.03%, but in 2018, it jumped dramatically to 2.0%, and it has since changed gradually depending on the year, making 2023 the year with the greatest COLA in the previous ten years.
Read more: US Treasury Payment Delays: How They Affect Your Social Security Check