Millions of Americans claim monthly Social Security checks each year, and many use it to live off of in retirement. What’s the average amount?
While the most widely used Social Security program is the retirement program, there are millions who collect disability as well.
Many Americans aren’t always able to live on benefit payments alone.
Seniors often use these benefits as a main source of income despite it only covering around 40% of their salary.
Data shows that 9 out of 10 seniors over the age of 65 collect benefit payments.
30% of the total income for seniors is from Social Security.
What will happen to Social Security in the future?
Unfortunately, data is showing that full benefit payments will only be able to be fulfilled until the year 2034.
75% of the full benefits will be paid to Americans even though they paid into Social Security if that happens.
Lawmakers are working to help stop that from happening with different proposals.
One proposal suggests removing the clause that will lower the rate of taxation for those earning higher wages.