There are 9 types of pension payments in the USA: what amounts they have and to whom they are charged

Have you ever wondered what a “normal” pension might be? How much have you earned in your 35 years with the highest earnings? But, I must say, few people think that the age at which you retire and the experience of your spouse are the main factors in calculating retirement benefits. Edition Money Talk News talked about 7 social security rules that everyone should know.

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This means that your benefit amount is, of course, a very personalized number. True, the Social Security Administration publishes data on average benefits for different groups. Below are Social Security benefits as of July 2023.

Retirees

• Number of beneficiaries: 49,4 million (74% of all social security beneficiaries)
• Average monthly allowance: $ 1

The broadest category is, of course, pensioners. They currently make up about three-quarters of all beneficiaries and receive the highest average benefit amount.

Spouses of pensioners

• Number of beneficiaries: 1,96 million (2,9% of all social security beneficiaries)
• Average monthly allowance: $893

These people receive "spousal allowances" which provide them with up to half of their husband's or wife's monthly allowance, regardless of how much they themselves have worked.

Spouses can receive benefits depending on which benefit is greater: their own or their spouse's, but not both, starting at age 62. Even divorced persons, if they meet certain criteria, can receive this benefit.

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Children of pensioners

• Number of beneficiaries: 685 (000% of all social security beneficiaries)
• Average monthly allowance: $860

Fewer than 1 million people currently receive this type of benefit, which is available to the children of living pensioners, due in part to age restrictions. A child can receive up to 50% of the parent's full benefit.

There are three groups that qualify as child beneficiaries:

• minor children (under 18);
• high school students under the age of 19 years and 2 months;
• adults with a disability that began before age 22 (may be older - the timing of the onset of their disability is key).

Children of deceased workers

• Number of beneficiaries: 2 million (3% of all social security beneficiaries)
• Average monthly allowance: $ 1

This group includes the same three groups of beneficiary children as children of pensioners:

• minor children (under 18);
• high school students under the age of 19 years and 2 months;
• adults with disabilities under 22 years of age.

The difference is that their benefits are based on the deceased parent's Social Security record and they can receive up to 75% of that parent's benefit amount.

Widowed mothers and fathers

• Number of beneficiaries: 107 (000% of all social security beneficiaries)
• Average monthly allowance: $ 1

This rare category includes "surviving spouses of any age who are caring for a child of the deceased under the age of 16 or have a disability and receive child support."

Non-disabled widows and widowers

• Number of beneficiaries: 3,5 million (5,3% of all Social Security recipients)
• Average monthly allowance: $ 1

It is also possible to receive benefits from a deceased spouse, regardless of whether you have children. This is the most common type of what is known as survivor's benefit.

Unlike the "spousal benefit", the survivor's benefit can be up to 100% of the late spouse's benefit. Again, divorced spouses may be eligible. These benefits can usually begin as early as age 60, although, as with regular retirement benefits, receiving survivor benefits early will result in a lower monthly payment.

Disabled widows and widowers

• Number of beneficiaries: 208 (000% of all social security beneficiaries)
• Average monthly allowance: $895

Disabled surviving spouses of a certain age are entitled to receive a monthly benefit. People in this category are at least 50 years old and have a disability that began before or within seven years of the death of a partner.

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Parents of dead workers

• Number of beneficiaries: 1000 (less than 0,05% of all social security beneficiaries)
• Average monthly allowance: $ 1

This is by far the rarest type of social security benefit. To qualify, you must:

• be at least 62 years old;
• be the parent of the deceased who provided at least half of your financial support;
• not be eligible for any higher benefit than that available from your child's Social Security record;
• with few exceptions, do not remarry after the death of a child.

Disabled

• Number of beneficiaries: 7,5 million (11,3% of all social security beneficiaries)
• Average monthly allowance: $ 1

To be eligible for disability benefits, employees must earn a certain amount of Social Security credits based on their age. Up to four credits are awarded each year to earning workers. People should also be considered unable to continue working due to a prolonged or permanent medical condition.

Spouses and children of disabled workers may also be eligible for benefits.

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