Big news for Social Security recipients! For the first time ever, the average monthly payment for retired workers has surpassed the $2,000 mark. The Social Security Administration (SSA) reported this week that the average check reached $2,002.39 in May—a significant 4.5 percent increase from $1,916 the previous year.

This milestone is a notable achievement, specifically impacting retired workers who represent 75% of the over 69 million Social Security beneficiaries. It’s important to note that this $2,000 figure applies only to retired workers. The broader average, encompassing all benefit recipients (including those not retired), stands at $1,857.75 per month.

Meanwhile, Supplemental Security Income (SSI) payments averaged approximately $718.30 in May for the roughly 7.4 million recipients. This data provides a valuable snapshot of the current state of Social Security benefits and their impact on millions of Americans.