SUMMER 2021 27
US workers retiring after 2035 will receive only about 75 % of the full benefits .
The average American is drawing about $ 1,500 per month from Social Security .
While it is very difficult to live on this amount of money , more and more people are taking their Social Security and retiring out of the country , where their benefits will go a lot further . Social Security will allow Americans living outside of the country ( only about 30 countries qualify ) to receive their Social Security .
Social Security isn ’ t just a retirement benefit Benefits are paid for many categories including retirement , disability , survivor benefits , supplemental income , payments to minor children and spousal benefits .
Social Security benefits , March 2021
TYPE OF BENEFICIARY |
BENEFICIARIES ( 000 ) |
TOTAL MONTHLY |
AVERAGE |
|
|
BENEFITS ( MILL ) |
MONTHLY BENEFIT |
Old-Age and Survivors Insurance 55,308 85.2 % $
81,665 $
1,476.55
Retirement benefits 49,423 76.1 % $
74,345 $
1,504.25
Retired workers 46,441 71.5 % $
72,013 $
1,550.64
Spouses of retired workers 2,275 3.5 % $
1,813 $
796.82
Children of retired workers 707 1.1 % $
519 $
733.70
Survivor benefits 5,885 9.1 % $
7,320 $
1,243.89
Children of deceased workers 1,969 3.0 % $
1,814 $
921.60
Widowed mothers and fathers 110 0.2 % $
115 $
1,047.11
Nondisabled widow ( er ) s 3,571 5.5 % $
5,209 $
1,458.62
Disabled widow ( er ) s 234 0.4 % $
180 $
770.77
Parents of deceased workers 1 ( L ) $
1 $
1,301.65
Disability Insurance 9,607 14.8 % $
11,010 $
1,146.07
Disabled workers 8,150 12.6 % $
10,429 $
1,279.71
Spouses of disabled workers 104 0.2 % $
37 $
360.06
Children of disabled workers 1,353 2.1 % $
543 $
401.43
Total 64,915 100.0 % $
92,675 $
1,427.64
In 2011 , Social Security stopped sending out an annual paper statement ( to save money , of course .) This left most of us in the dark . How much should I expect at retirement ? How much have I paid in so far ? What if I become disabled ? How much will my spouse get if I die ? I recommend that you go to www . SSA . gov and set up your own account today . You ’ ll be able to see how much you ’ d receive if you became disabled , and if you have minor children , how much they would receive until they graduated high school . You can see what Social Security shows for your income — and have time to correct it if you spot errors . Most of your client ’ s questions can be answered by helping them set up and access their own account details .