The average monthly Social Security check for retired workers is on track to reach $2,000 in June, the highest since the welfare program for older Americans began in 1935.
The Social Security Administration publishes a monthly statistical snapshot that breaks down where benefits paid in the previous month went. It also provides the average monthly benefit for retired workers, survivor benefits, disability benefits, and other categories.
Last month, retired workers on Social Security took home an average check of $1,999.97, USA Today reported Wednesday. Each month, new beneficiaries are entering the benefits pool to receive their first monthly check, and some beneficiaries have died.
And higher nominal wages paid to working Americans over time, coupled with the impact of near-annual cost-of-living adjustments, affect the average monthly take-home pay for retired workers.
The average benefit for retired workers has always risen from month to month, based on more than a decade of published statistical snapshots, according to USA Today. The increases are sometimes pronounced, such as the jump from an average of $1,980.86 for retired workers in February to $1,999.97 just two months later. That could signal a big spike in retired workers filing for benefits.
The average retired-worker payout typically grows by $1 to $2 on a month-to-month basis, not including the one month each year when cost-of-living adjustments are implemented, USA Today reported.
But benefits have not kept pace with the cost of living, hurting retirees' purchasing power. Working-age people and retirees tend to spend their money differently. The former spends more on education, clothing, and transportation, while older adults spend a higher percentage of their monthly budget on shelter and medical care.
Though an overwhelming majority of Social Security beneficiaries are 62 and older, the inflationary index used to calculate annual cost-of-living adjustments isn't properly weighing shelter and healthcare services to their needs, according to USA Today.
A May 2023 analysis from The Senior Citizens League, a nonpartisan advocacy group, revealed the purchasing power of a Social Security dollar dropped by 36% from January 2000 to February 2023. A July 2024 analysis from the group pointed to a 20% loss of buying power for Social Security income between 2010 and July 2024.
Michael Katz ✉
Michael Katz is a Newsmax reporter with more than 30 years of experience reporting and editing on news, culture, and politics.
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