About 3.5% of senior adults aged 60 and above will most likely not receive social security payments for retired workers in 2023 as reported by Social Security Administration. But, if they happen to receive social security payments for retired workers, it will still not suffice in paying the bills.
Social Security Payments for Retired Workers: Not Enough to Pay the Bills.
Photo from: Home Care Assistance
Social Security Payments for Retired Workers Vs Monthly Average Expenditures
Based on U.S. Bureau of Labor Statistics data, the average monthly income for workers from private companies is about $4,400. In a report, however, the expenses of an average American family could go up to $5,577 for couples and $3,400 for average expenses for singles. For monthly rent, Rent.com reported that the average expenditure is about $1,995.
According to Social Security Administration, the median amount of social security payments for retired workers is around $1,825 a month. Hence, the amount of social security payments for retired workers will not match up with today’s economic status.
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Social Security Payments for Retired Workers Can’t Pay the Bills
From all senior adults aged 60 in the united states, 4 groups were identified as not solely relying on social security payments for retired workers every month:
- Infrequent Workers
- Late-Arriving Immigrants
- Public-Service Pensioners
- Self-Employed Workers Who Don’t Pay Enough Taxes
People belonging to these four groups will most likely be vulnerable to economic changes if they rely on their social security payments for retired workers every month. If in cases they had not paid their social security taxes, they will not be eligible for social security payments for retired workers, at all.
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