This Was the Average Social Security Benefit in 1984, and Here's What It Is Now

Social Security is one of the most important social programs for older Americans, with roughly 90% of those age 65 and older collecting benefits, according to 2024 data from the Social Security Administration. But the cost of living has changed significantly over time, and today's benefits look much different than in 1984.The Social Security Administration introduced cost-of-living adjustments (COLAs) in 1975 to help benefits maintain their buying power amid rising inflation. As a result, beneficiaries receive a small raise most years when the COLA takes effect.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool