On average, in the United States, a person receives about $1,830.66 per month (equivalent to $21,967.92 per year) in Social Security payments, according to information from 24/7 Wall ST. However, it is necessary to take into account that taxes must be paid on this amount.
This number is an average, which means that there are many people who receive lower payments. Without receiving any other form of financial assistance, many of these people find themselves living below the poverty line.
Currently, the poverty line is $19,720 per year for a family. Some retirees may be better off financially if they are married, because they have two sources of income.
Of those $1,830.66 monthly payments, beneficiaries will likely end up with about $1,400 left, after taxes and Medicare..
Some financial experts find it surprising that the government continues to tax these amounts, considering the large number of people who can barely afford food, clothing, housing, and transportation.
It’s important to note that many people who have retired and get Social Security need to continue working to earn more money to pay their expenses.
In reality, It is increasingly common to see people over the age of 65 at places like McDonald’s, Starbucks or Walmart..
That is, these companies do not have an age requirement, so they can find work here without too many problems. McDonald’s even partnered with AARP to give jobs to older Americans.
But it is difficult for many of these people to continue working after the age of seventy or eighty, in addition to the fact that the salaries that these places receive are usually the minimum.
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