Biggest share of America’s Social Security benefits go to these boomers. Fair or Foul?

In 2023, 37% of Social Security benefits reported on individual income tax returns were for those with incomes of at least $100,000, according to IRS data. This was the largest share of any income group, far surpassing the 24% with incomes below $25,000 and the 25% with incomes between $25,000 and $50,000. The remaining 15% received benefits ranging from $50,000 to $100,000.

However, this figure may not represent the full picture. Many Social Security recipients do not file a federal return and therefore are not reflected in the IRS data. Additionally, a single return may include retirement, survivor, or disability benefits, and a high-income return could belong to a married couple.

The size of a Social Security payment is largely determined by a worker's 35 highest-earning years and the age at which benefits begin. Higher earners typically receive larger monthly checks, especially if they have consistently earned more throughout their careers and have reached the program's limits for maximum benefits.

Some argue that Social Security should prioritize protecting older Americans from poverty over sending large checks to high-income retirees. If this trend continues, the program could require higher taxes, cuts in other areas, or more government borrowing to maintain its funding. However, the program already favors lower-wage workers by replacing a larger share of their career-average earnings.