Last year, retirees receiving payments grew 3 percent percent versus 1.9 percent growth in the U.S. workforce, according to estimates from the U.S. Census Bureau and the Bureau of Labor Statistics. (Photo: Shutterstock)
Baby boomers are retiring and calling in their chips.
The Social Security Administration paid out $85.3 billion in March to more than 63.3 million people, according to the Social Security Administration. About 70 percent of the payments went to retirees and the remainder was for survivor benefits and disability insurance. On average, a retired worker collects $1,467.17 per month which is $17,606 annualized.
The number of recipients has increased as the baby boomer generation reaches retirement age. Last year, retirees receiving payments grew 3 percent percent versus 1.9 percent growth in the U.S. workforce, according to estimates from the U.S. Census Bureau and the Bureau of Labor Statistics.
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