What is the average social security payment per person in 2024?

Average social security payment per person: Since 2002, the national pollster Gallup has been measuring retirement reliance on Social Security income. Eighty to 90% of then-current retirees said in all 22 studies that they depend on their monthly payment to pay for at least some of their living expenses.

Given the significance of Social Security to the financial security of the ageing workforce, disabled workers, and survivors in our country, the cost-of-living adjustment (COLA) announcement in October is perhaps the most looked-forward-to event of the year.

2024 will provide Social Security recipients with yet another above-average COLA

The easiest way to understand COLA is as the way Social Security accounts for inflation or the increase in the cost of goods and services. Social Security benefits should, in a perfect world, increase by the same amount if the price of a basket of goods and services that retired workers frequently buy increases so that beneficiaries don’t lose any buying power. The instrument that considers the price fluctuations that recipients must deal with and annually modifies benefits is called COLA.

COLA Increase 2025: How much will the increase affect you?

Since 1975, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) has served as a measure of inflation for the program. A cost-of-living adjustment is determined by comparing the average CPI-W measurement from the third quarter (July–September) of the current year to the third quarter of the prior year. All beneficiaries are liable for a rise if inflation has occurred and the average reading in the current year is higher than in the similar period of the previous year.

According to The Motley Fool, social security claimants, who numbered 66 million at the time, benefited from an unprecedented 8.7% COLA. It was the biggest percentage increase in benefits in more than forty years.

All 67 million people who get Social Security will also get an above-average COLA in 2024, though it won’t be as big as the record rise in 2023. Cost-of-living adjustments of 3.2% in 2024 are not much more than the average of 2.6% over the 20 years before that.

About how much will a person get from Social Security in 2024?

TYPE OF BENEFICIARY	AVERAGE MONTHLY BENEFIT
ALL RECIPIENTS	$1,767.03
Retirement benefits	$1,856.38
*Retired workers	$1,905.31
Survivor benefits	$1,501.60
*Nondisabled widow(er)s	$1,774.33
Disability insurance	$1,395.49
*Disabled workers	$1,537.13

 

A retired worker will get an average of $1,907.70 a month from Social Security by 2024, according to the SSA. As per AS news, this is a 3.2% increase from the $1,848 monthly rate they got in 2023. This is because of the cost of living adjustment that was made to help retirees keep their purchasing power against inflation.

Social Security COLA 2025 Update: All You Need To Know

The SSA also helps people who are disabled, the wives and children under 18 of seniors, and the families of workers who have died.

Three main groups of Social Security recipients are those who have retired, those who are the survivors of deceased workers, and those with impairments. The recipients of the largest portion of the benefits are indicated under each category.

Retirement benefits, for instance, go mostly to retired employees. Spouses and small children of retired workers fall into this category as well; they get about $900 a month.