Summary
A new report shows that Social Security benefits significantly reduce poverty in the United States. In 2024, these payments helped keep over 23 million people, including nearly 17 million seniors, above the poverty line. Without these benefits, the poverty rate among seniors would be much higher.
Key Facts
- As of January 2026, the average monthly Social Security payment is $1,926.
- Social Security lifted around 23.5 million people above the poverty line in 2024.
- Nearly 17 million seniors were lifted out of poverty because of Social Security benefits.
- Without Social Security benefits, 37.6% of people aged 65 and older would be in poverty. With benefits, only 10.3% are in poverty.
- Social Security reduced the overall U.S. poverty rate to 10.9% in 2024.
- In states like Florida, California, and Texas, more than 1 million seniors were lifted out of poverty due to these benefits.
- Social Security benefits also helped reduce poverty rates among children and adults aged 18 to 64.
- In December 2024, 2.4 million children received Social Security benefits.
