Many retired Americans depend on Social Security payments as a portion of their income.
This makes it the largest federal benefit program in the US.
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Monthly Social Security benefits
The Social Security Administration (SSA) oversees a variety of financial support programs, but the largest is retirement benefits. The program provides income for “qualified retirees and their families” and is widely used. Read more about it here.
In February 2022, roughly 65 million people received some support from the SSA. Of that, more than 50 million claimed retirement benefits. That is 77.1%.
The average monthly benefit for a retired worker is $1,615.81. Spouses of retired workers are averaging $838.88 and children of retired workers tend to see $784.57.
The monthly benefit for retirees is the main source of income for many aging Americans. Nine out of ten people 65 or older in the US get a Social Security benefit.
Across the US, about 30% of the total income of the elderly comes from benefits given by the SSA.
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