How much will Social Security pay out each year until 2030?

R.A. Heim

If you or a loved one you know are thinking about retiring in the next five years, you will want to spend some time looking at what is happening with Social Security as those payments change all the time.

When you take a look at the historical data available regarding the annual increases for Social Security payments, the average monthly payment for retirees by 2030 is expected to have climbed to more than $2,112. Right now in 2022, the average payment is $1,657 and an increase is very probable for 2023. From 2024 to 2029, the estimated amounts are as follows: $1,761, $1,815, $1,871, $1,928, $1,988 and $2,049. (source)

The Bureau of Labor Statistics uses two measures to demonstrate the cost of living: the Consumer Price Index for all urban consumers, and the Consumer Price Index for urban wage earners and clerical workers.

Each year the Social Security Administration has a cost-of-living adjustment called COLA. The cost-of-living adjustment (COLA) is then based on the CPI-U, which includes retired people. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits are not eroded by inflation. With inflation at record highs this year, it is now looking like the COLA will be at least more than the amount of 5.9% which was COLA for 2022. (source)

What do you think about this estimate for social security for 2030?

Please feel free to share your thoughts in the comments.

If you enjoyed this article, please share it with friends or family on social media. Thanks!

Disclaimer: Please note that this article is only for educational and informational purposes.

Comments / 9

Published by

Writing about news your care about.

Spokane, WA

More from R.A. Heim

Comments / 0