Written By: Anushka
Over 70 million Americans receive Social Security, with increases based on eligibility and rising inflation.
In 2023, benefits ranged from $1,681 to $4,555 per month, depending on eligibility and contributions.
In 2024, some recipients will see benefits increase by $440 monthly, reflecting an 8% annual growth.
Social Security provides financial aid to retirees, disabled individuals, and survivors, ensuring sufficient funds for monthly expenses.
Benefits are available to those 62 and older, with at least 10 years of contributions, or disabled individuals with limited work credits.
Benefits are calculated based on the Average Indexed Monthly Earnings (AIME) and the 35 highest-earning years.
In 2024, the maximum benefit for retirees will be $3,822, up from $3,627 in 2023, with an average benefit increase to $1,907.