The average social security year you were born

The average social security year you were born

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NoDerog / Getty Images / iStockphoto

NoDerog / Getty Images / iStockphoto

Social security has long been a cornerstone of American democracy. However, it has also changed dramatically during the more than 80 years since its passage. Although the core program remains unchanged – with the use of the current payroll tax to provide cash payments to retirees – it has become increasingly connected to American society over the years, and has continued to grow to the enormous benefit you see today.

But how much are those benefits worth? The truth is that the social security your grandparents received in the 1950s was much smaller. Even after inflation has been offset, benefits have tripled in the last 70 years.

Here’s a look at how benefits have changed over the decades, there would be valuable lessons in the past from social security to tell us about what we can expect from the future.

Exclusive: Americans’ Savings Drop to Lowest in Years

1950

1951

1952

1953

1954

1955

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1956

1957

Be aware of: 11 mistakes of social security that can cost you a fortune

1958

1959

1960

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1961

1962

1963

1964

1965

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1966

1967

1968

1969

1970

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1971

1972

  • Average monthly payment for social security: $ 162.35

  • Average monthly payment for social security in 2020 dollars: $ 1,003.94

1973

1974

1975

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1976

  • Average monthly payment for social security: $ 224.86

  • Average monthly payment for social security in 2020 dollars: $ 1,020.34

1977

  • Average monthly payment for social security: $ 243.00

  • Average monthly payment for social security in 2020 dollars: $ 1,032.16

1978

  • Average monthly payment for social security: $ 263.20

  • Average monthly payment for social security in 2020 dollars: $ 1,037.98

1979

  • Average monthly payment for social security: $ 294.30

  • Average monthly payment for social security in 2020 dollars: $ 1,043.14

1980

  • Average monthly payment for social security: $ 341.40

  • Average monthly payment for social security in 2020 dollars: $ 1,069.61

Think about it: have you ever had a stimulus test? Claim it on your tax

1981

  • Average monthly payment for social security: $ 385.97

  • Average monthly payment for social security in 2020 dollars: $ 1,091.76

1982

  • Average monthly payment for social security: $ 419.30

  • Average monthly payment for social security in 2020 dollars: $ 1,114.27

1983

  • Average monthly payment for social security: $ 440.77

  • Average monthly payment for social security in 2020 dollars: $ 1,143.18

1984

  • Average monthly payment for social security: $ 460.57

  • Average monthly payment for social security in 2020 dollars: $ 1,146.34

1985

  • Average monthly payment for social security: $ 478.62

  • Average monthly payment for social security in 2020 dollars: $ 1,150.38

Helpful: 17 tips to live comfortably from a social security test

1986

  • Average monthly payment for social security: $ 488.44

  • Average monthly payment for social security in 2020 dollars: $ 1,155.76

1987

  • Average monthly payment for social security: $ 512.65

  • Average monthly payment for social security in 2020 dollars: $ 1,167.21

1988

  • Average monthly payment for social security: $ 536.77

  • Average monthly payment for social security in 2020 dollars: $ 1,173.65

1989

  • Average monthly payment for social security: $ 566.85

  • Average monthly payment for social security in 2020 dollars: $ 1,180.64

1990

  • Average monthly payment for social security: $ 602.56

  • Average monthly payment for social security in 2020 dollars: $ 1,197.27

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1991

  • Average monthly payment for social security: $ 629.32

  • Average monthly payment for social security in 2020 dollars: $ 1,197.19

1992

  • Average monthly payment for social security: $ 652.64

  • Average monthly payment for social security in 2020 dollars: $ 1,203.56

1993

  • Average monthly payment for social security: $ 674.06

  • Average monthly payment for social security in 2020 dollars: $ 1,209.48

1994

  • Average monthly payment for social security: $ 697.34

  • Average monthly payment for social security in 2020 dollars: $ 1,217.53

1995

  • Average monthly payment for social security: $ 719.80

  • Average monthly payment for social security in 2020 dollars: $ 1,222.96

See: 35 countries where your social security goes furthest

1996

  • Average monthly payment for social security: $ 744.96

  • Average monthly payment for social security in 2020 dollars: $ 1,229.43

1997

  • Average monthly payment for social security: $ 774.84

  • Average monthly payment for social security in 2020 dollars: $ 1,250.85

1998

  • Average monthly payment for social security: $ 779.69

  • Average monthly payment for social security in 2020 dollars: $ 1,237.86

1999

  • Average monthly payment for social security: $ 804.30

  • Average monthly payment for social security in 2020 dollars: $ 1,250.12

2000

  • Average monthly payment for social security: $ 844.48

  • Average monthly payment for social security in 2020 dollars: $ 1,266.24

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2001

  • Average monthly payment for social security: $ 874.44

  • Average monthly payment for social security in 2020 dollars: $ 1,276.44

2002

  • Average monthly payment for social security: $ 895.00

  • Average monthly payment for social security in 2020 dollars: $ 1,287.59

2003

  • Average monthly payment for social security: $ 922.08

  • Average monthly payment for social security in 2020 dollars: $ 1,299.14

2004

  • Average monthly payment for social security: $ 954.89

  • Average monthly payment for social security in 2020 dollars: $ 1,306.30

2005

  • Average monthly payment for social security: $ 1,002.00

  • Average monthly payment for social security in 2020 dollars: $ 1,328.66

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2006

  • Average monthly payment for social security: $ 1,044.40

  • Average monthly payment for social security in 2020 dollars: $ 1,329.75

2007

  • Average monthly payment for social security: $ 1,078.60

  • Average monthly payment for social security in 2020 dollars: $ 1,341.66

2008

  • Average monthly payment for social security: $ 1,152.90

  • Average monthly payment for social security in 2020 dollars: $ 1,358.03

2009

  • Average monthly payment for social security: $ 1,164.30

  • Average monthly payment for social security in 2020 dollars: $ 1,400.84

2010

  • Average monthly payment for social security: $ 1,175.50

  • Average monthly payment for social security in 2020 dollars: $ 1,397.05

Take a look: the rich cost social security billions a year

2011

  • Average monthly payment for social security: $ 1,228.57

  • Average monthly payment for social security in 2020 dollars: $ 1,409.00

2012

  • Average monthly payment for social security: $ 1,261.61

  • Average monthly payment for social security in 2020 dollars: $ 1,426.79

2013

  • Average monthly payment for social security: $ 1,293.83

  • Average monthly payment for social security in 2020 dollars: $ 1,435.10

2014

  • Average monthly payment for social security: $ 1,328.58

  • Average monthly payment for social security in 2020 dollars: $ 1,444.85

2015

  • Average monthly payment for social security: $ 1,341.77

  • Average monthly payment for social security in 2020 dollars: $ 1,456.73

2016

  • Average monthly payment for social security: $ 1,360.13

  • Average monthly payment for social security in 2020 dollars: $ 1,464.55

2017

  • Average monthly payment for social security: $ 1,404.15

  • Average monthly payment for social security in 2020 dollars: $ 1,486.26

2018

  • Average monthly payment for social security: $ 1,461.31

  • Average monthly payment for social security in 2020 dollars: $ 1,502.45

2019

2020

More from GOBankingRates

Methodology: GOBankingRates used the Social Security Administration (SSA)’s Annual Statistical Supplement, 2019 ‘to check the average social security in the year you were born. Using this report, GOBankingRates refers to Table 3.C4 – Average monthly amount of social security (OASDI) to find: (1) the average monthly payment of social security for retired workers (amount at the time), and then use the Bureau of Labor Statistics CPI Inflation Calculator to find the (2) average monthly payment of social security for retired employees ($ 2020) for the years 1950 to 2018. GOBankingRates uses the SSA’s Beneficiary Data portal to calculate the average monthly benefit amount for retired workers for 2019 and 2020 in current dollars. All data were collected and updated on February 1, 2021.

Last updated: 16 February 2021

This article originally appeared on GOBankingRates.com: The Average Social Security Year You Were Born

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