I think the average in yearly SS pay is in the high 20s.
Just something I’d like to see discusssd before the media gets ahold of it.
Yeah, long term affects matter. We don’t know enough about that.
SS is way lower for most blue-collars. The most any person can receive a month at age 66 for 35 years of continuous employment is 3K. The average is around $12-1500. ($14-18K) Before the unpaid part of medicare is deducted. That average is at or below the national poverty line. Women most affected since they usually take time out of the workforce for marriage, kids and taking care of elder family and so have less ability to build that nestegg to supplement SS. Although I don’t know yet if the disabled getting $1200/mo gets that in addition to SS when he reaches 66, or if he’s just going to get less regardless. If he gets less it seems kind of lopsided seeing how their days may be numbered, but I haven’t got that far yet :)
From AARP:
“The most an individual who files a claim for Social Security retirement benefits in 2020 can receive per month is:
$3,790 for someone who files at age 70.
$3,011 for someone who files at full retirement age (currently 66).
$2,265 for someone who files at 62.
(For context, the estimated average Social Security retirement benefit in 2020 is $1,503 a month. The average disability benefit is $1,258.)
https://www.aarp.org/retirement/social-security/questions-answers/maximum-ss-benefit/