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For the first time in the Social Security Administration history, the average retiree monthly benefit check is expected to exceed $2,000 in June, however, for some recipients, their checks will be smaller due to federal student loan garnishments, which begin this month.
The average retired-worker benefit check hit $1,999.97 in April, according to the Social Security Monthly Statistical Snapshot, which provides data on benefit disbursements. Ongoing trends also suggest the June statistical snapshot will reflect a breakthrough past the $2,000 threshold.
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However, there are 450,000 federal student loan borrowers age 62 and older, who are now in default of their student loans and likely to be receiving Social Security benefits, according to the Consumer Financial Protection Bureau. These recipients may find their Social Security benefits garnished this month, and should have received at least a 30-day warning before their Social Security benefit is offset.
"The first monthly benefit checks subject to offset are those scheduled for early June," the Education Department said in early May. "Later this summer, all 5.3 million defaulted borrowers will receive a notice from Treasury that their earnings will be subject to administrative wage garnishment."
The garnishments include wage garnishments, as well as intercepting tax refunds and seizing Social Security benefits. Recipients will typically see up to 15% of their monthly benefit reduced to pay back their defaulted student debt.
While the SSA will release its June snapshot in the coming weeks, expected to confirm the average payout exceeding $2,000, a notable increase occurred earlier in the year, with the average monthly payment for retirees rising from $1,980.86 in February to $1,999.97 in April, which could indicate a rise in new SSA benefit claims or other demographic changes in the beneficiary pool.
The jump in average monthly payments marks a major symbolic moment for the nine-decade history of the Social Security program, which provides income to more than 70 million Americans, including retired workers, the disabled, and survivors. Benefit amounts vary based on age of retirement and earnings history, ranging in 2025 benefit from $2,831 at age 62 to $5,108 at age 70.
The SSA will release its June snapshot in the coming weeks, expected to confirm the average payout exceeding $2,000. The milestone reflects the cumulative effects of annual cost-of-living adjustments (COLAs).
While the actual 2026 Social Security COLA increase for retired workers won’t be announced until October, The Senior Citizens League has predicted a 2.4% increase for 2026 in May. The COLA adjustment helps the Social Security beneficiaries keep up with inflation.
Related: Trump’s tariffs could impact 2026 Social Security COLA increase
TSCL issues a new prediction of the next Social Security COLA monthly using its statistical model, which incorporates the Consumer Price Index (CPI), the Federal Reserve interest rate, and the national unemployment rate. The model’s predictions update every month, adjusting in response to economic conditions.
“If our predictions come true and the 2026 COLA comes in at the lowest we’ve seen since 2021, seniors will face additional pressure at a time when they’re already strained financially,” said TSCL Executive Director Shannon Benton. “Our research shows that 73% of American seniors rely on Social Security for at least half their income, with 39% depending on the program for all of their income.”
The official COLA for 2026 will be announced by the Social Security Administration in October.
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Lynn Cavanaugh
Lynn Varacalli Cavanaugh is Senior Editor, Retirement at BenefitsPRO. Prior, she was editor-in-chief of the What's New in Benefits & Compensation newsletter. She has worked for major firms in the employee benefits space, Vanguard and Willis Towers Watson, as well as top media companies, including Condé Nast and American Media.
