$1,563

In November 2021, the average retirement benefit was $1,563. However, the SSA does cost-of-living adjustments (also called COLA) to counteract inflation and increases benefits regularly. The monthly payment depends on many factors: each individual’s particular situation, whether they are a retired couple, a widow, or have kids.

However, the average retired worker who received a monthly payout of $1,563 in 2021 (that is, before the COLA), receives about $1,657 monthly in 2022 (after the COLA).

A total payout of $72,7 billion was made in 2021, an amount spread among 46,7 million recipients. At the same time, 2,9 million dependents got a supplemental $2,34 billion in total benefits.

Rose