The average monthly payment with COLA for all Social Security claimants in 2022 is $1,657. However, taking one average for the entire population misses out on a lot of detail. To find out how much people are collecting in Social Security, GOBankingRates looked at different populations and benefits. ver 65 million people receive these types of assistance. The majority of persons receiving OASDI are retired employees’ spouses and children. Those getting disability insurance are a smaller fraction, which includes wives and children.
The Social Security Administration is boosting payouts for 2022, but GOBankingRates used data from the November 2021 SSA Monthly Statistics Snapshot.
The snapshot statistics are lower since they do not include the 2022 COLA.
Insurance for the Elderly
Most Social Security recipients are insured by OASDI. It comprises almost 86 per cent of Social Security beneficiaries or over 56 million people.
With such a large group comes a large payout – every month, Old-Age and Survivors Insurance claimants receive about $83 billion.
The monthly average is $1,490.85.
Even so, it may not be detailed enough. We will be focusing on retired workers, which is a subset of all retirement benefits. In November 2021, 47,248,000 retired workers received about $74 billion monthly. That’s $1,563.82 per worker every month.
The overall average is lower because it includes retired workers’ spouses and children. Spouses of retired workers, who make up 3% of all retirees, can receive “up to half” of the worker’s primary insurance sum. So, couples get an average of $793.59 per month, for a total of $1.73 billion.
This group includes survivors as well as retirees. While this category is smaller, with 5.86 million recipients, it includes multiple separate groupings.
Survivor payouts average $1,250.46 per month, totalling $7.3 billion.
Survivor Benefits Are Available to All Groups:
- Survivors’ children
- Widowed parents
- Incapable widows
- Widows Disabled
- Survivors’ parents
Children of dead workers and non-disabled widows (er)s receive the majority of survivor payments. Beneficiaries who are children of dead workers receive an average of $923.05. The monthly payout is $1.8 billion. Nondisabled widow(ers) receive 5.5 per cent of all Social Security benefits, or $1,467.14 each month.
Every month, they earn $5.2 billion.
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The Social Security Administration also pays Disability Insurance payouts. Even though it is a smaller category, there are over 9 million recipients nationwide. Disability insurance includes both SSDI and SSI. For both programmes, the SSA states that the medical requirements are the same.
The average monthly payout for all disability insurance benefits is $1,154.07. Compared to Old-Age and Survivors Insurance, this category makes up 14.2% of Social Security recipients.
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Disabled workers, wives, and children are covered by disability insurance. Of course, disabled workers receive the highest monthly payment of $1,282.39.
They also make up the majority of disability beneficiaries, 12.1 per cent of all Social Security beneficiaries. $10.1 billion every month.
The remaining goes to disabled employees’ children, who make up 1.9 per cent of all claimants. Their average monthly benefit is $403.37, totalling $504 million.
Most Social Security claimants are single. This equates to a total of $35 million.