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

I won't keep you in suspense. The average Social Security benefit for a retired worker in 1984 was $444.85.The average 1984 retired worker's benefit of $444.85 is equivalent to about $1,332. Meanwhile, the average retired worker's benefit as of August 2024 is $1,920. So, it's fair to say that Social Security benefits have significantly more purchasing power for the typical retiree than they did 40 years ago.The short explanation for this is the amount of income that is used to compute workers' Social Security benefits has increased faster than inflation over time. This figure, which is officially called the contribution and benefit base, is determined by changes in the national average wage index, not inflation.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool