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The average Social Security payment of $1,230/month ($14,760/year) in 2013 [101] is only slightly above the federal poverty level for a one-person household – $11,420/yr and below the poverty guideline of $15,500/yr for two person households. [102]
This is how the average and maximum benefit amounts have changed since 2014 -- as well as some not-so-good news about the future of Social Security. Two people sitting at a table looking at documents.
The states for which the SSP is administered by the Social Security Administration are the following: California, Hawaii, Michigan, Montana, Nevada, New Jersey, and Vermont. In these states, only one payment is made to include both the SSI and the SSP, combining federal and state benefits. In some states, SSP is dually administrated. Social ...
The regulation is projected to "result in a reduction of about 6,500 OASDI [Social Security] beneficiary awards per year and 4,000 SSI recipient awards per year on average over the period FY 2019-28, with a corresponding reduction of $4.6 billion in OASDI benefit payments and $0.8 billion in Federal SSI payments over the same period."
The average Social Security payment changes from month to month, but in January, it’s $1,976, compared to $1,788.12 at the end of 2024. The Maximum Social Security Benefit Increases.
As you can see, the maximum benefit varies widely depending on the age you decide to start Social Security. A 70-year-old can receive up to $61,296 in annual benefits.
It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit. In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer.
The U.S. government clawed back more than $31 million in Social Security payments that improperly went to dead people, a recovery that one official said Wednesday was “just the tip of the ...