What Is The Average Social Security Payout?

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.

About the author

Jim Blankenship, CFP®, EA

Jim Blankenship is the founder and principal of Blankenship Financial Planning, Ltd., a financial planning firm providing hourly, as-needed financial planning and advice. A financial services professional for over 25 years, Jim is a CFP professional and has earned the Enrolled Agent designation, a designation that qualifies him as enrolled to practice before the IRS. Jim is also a NAPFA-registered financial advisor, which designates him as a Fee-Only Financial Advisor.

An IRA Owner's Manual
A Social Security Owner's Manual

7 Comments

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

  • 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.

  • 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.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Copyright 2014 FiGuide.com   About Us   Contact Us   Our Advisors       Login