This Was the Average Social Security Benefit in 2004, and Here's What It Is Now

Social Security benefits generally increase every year, and that's thanks to the program's annual cost of living adjustment (COLA). The COLA is meant to help retiree benefits keep pace with inflation, so it's not uncommon to see benefits increase by a few percentage points each year.Over time, these percentage points have compounded into a large increase. Here's what the average Social Security check was in 2004 and what it is now.In 2004, the average monthly Social Security check was $954.89, or nearly $11,459 annually. Following several recent years of some of the highest inflation in 40 years, retirees have seen their benefits increase significantly.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool