What Is The Average Social Security Payout?

18 December 2010 7 Comments Print This Post Email This Post

Here are some Social Security numbers I recently ran across that I found interesting.  The figures are from the current information available as of October, 2010:

The average retired worker receives $1,172 in monthly Social Security retirement benefits, and the average couple receives $1,892.  The average disabled worker receives $1,066 in Social Security disability benefits each month, and this amount increases to $1,803 for a disabled worker with a spouse and child.

The average widow or widower receives a total of $1,106 in Social Security survivor benefits per month, whereas a younger widow or widower with two children receives an average monthly benefit of $2,391.

Each month, over 34 million people receive Social Security retirement benefits, and over 4 million are receiving survivor’s benefits as a widow or widower.  Over 8 million people are receiving disability benefits from the Social Security system each month, as well.

  • xnerd

    What I want to know is the average payout including the people that die.

  • Martinlindajane

    It is actually our own money that the gov. took out of our paychecks and kept and made interest on it – right?????

  • http://www.bfponline.com/ Jim Blankenship, CFP®, EA

    George, I have no earthly idea. After extensive research (read that, after googling the question) I have come up empty.

    Sorry.

    jb

  • George

    What is the average amount of months that SS recipients receive retirement benefits? Obviously, some people die before retirement and collect zilch … others live quite awhile in retiremen; how long does the “average” person receive Social Security benefits before he/she passes on?

    I’d heard some time ago that this was only about 4 years.

    What’s the straight scoop?

    Thanks.

  • http://www.bfponline.com/ Jim Blankenship, CFP®, EA

    But RJ – then the government wouldn’t be able to “borrow” the money from your IRA!

    (Please realize I’m being sarcastic. I definitely am not in favor of the government’s hand in OUR retirement funds!)

    jb

  • RJ Miller

    Great article! It sure is nice to see a quick summary of what Social Security tends to put out.

    I guess if we all stuck with IRAs, the average person would need to put in $3,000 per year with a rate of return of about 5% for 40 years to get roughly the same benefit we have under Social Security.

    Those conditions would lead to a $400,000 payout, which is far beyond what the average person usually gets from Social.

  • Pingback: Retirement: Can You Live on $21K Annually? - CBS MoneyWatch.com