As of December 1994, the average monthly Social Security benefit for a retired worker was $697 per month. This means that the average retired worker received $8,364 in annual, inflation-protected retirement income.

As of August 2024, the average Social Security benefit for a retired worker is $1,920.48 per month, or $23,046 per year. This means that the average Social Security benefit has increased by about 176% over the past 30 years.

Obviously, inflation has changed the value of money over time. In other words, $1 in 1994 isn't the same as $1 in 2024. Let's take a look at how Social Security has changed over the past 30 years when adjusted for inflation.

Continue reading

Source Fool.com