According to the social security administration, as of December of 2019 there were a total of 64 million Americans receiving monthly benefits from the Social Security administration. These recipients included retirees, spouses and children of retired workers and survivors of deceased workers and disabled people.
70% of the 64 million people or approximately 45 million people were retired workers receiving an annual, average monthly benefit of around $1,500 per month.
For 2020 the maximum Social Security if someone were 70 years old would be $3,790 per month, the maximum for someone reaching their full retirement age would be $3,011 and the maximum for someone at 62 would be $2,265 per month.
As you can see, the bulk of Social Security’s payment go to the retirees, who currently receive less than half of someone who files today at full retirement and receives the maximum amount.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.