The average social security checks the year you were born

The average social security checks the year you were born

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NoDerog / Getty Images / iStockphoto

NoDerog / Getty Images / iStockphoto

Social Security has long been the cornerstone of American democracy. However, he has also undergone some dramatic changes in the more than 80 years since his passing. While the main program remains unchanged – using current payroll taxes to provide cash payments to retirees – it has slowly become more and more connected to American society over the years, growing over time for the enormous benefit it offers. you see today.

But how much were these benefits worth? The truth is that the Social Security checks that your great-grandparents could have received in the 1950s were much smaller. Even after accounting for inflation, benefits have tripled in size in the past 70 years.

So, here’s a look at how benefits have changed over the decades, if there are some valuable lessons in Social Security’s past to tell us about what to expect from its future.

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1950

1951

1952

1953

1954

1955

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1956

1957

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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 Social Security payment that year: $ 162.35

  • Average monthly Social Security payment in 2020 dollars: $ 1,003.94

1973

1974

1975

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1976

  • Average monthly Social Security payment that year: $ 224.86

  • Average monthly Social Security payment in 2020 dollars: $ 1,020.34

1977

  • Average monthly Social Security payment that year: $ 243.00

  • Average monthly Social Security payment in 2020 dollars: $ 1,032.16

1978

  • Average monthly Social Security payment that year: $ 263.20

  • Average monthly Social Security payment in 2020 dollars: $ 1,037.98

1979

  • Average monthly Social Security payment that year: $ 294.30

  • Average monthly Social Security payment in 2020 dollars: $ 1,043.14

1980

  • Average monthly Social Security payment that year: $ 341.40

  • Average monthly Social Security payment in 2020 dollars: $ 1,069.61

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1981

  • Average monthly Social Security payment that year: $ 385.97

  • Average monthly Social Security payment in 2020 dollars: $ 1,091.76

1982

  • Average monthly Social Security payment that year: $ 419.30

  • Average monthly Social Security payment in 2020 dollars: $ 1,114.27

1983

  • Average monthly Social Security payment that year: $ 440.77

  • Average monthly Social Security payment in 2020 dollars: $ 1,143.18

1984

  • Average monthly Social Security payment that year: $ 460.57

  • Average monthly Social Security payment in 2020 dollars: $ 1,146.34

1985

  • Average monthly Social Security payment that year: $ 478.62

  • Average monthly Social Security payment in 2020 dollars: $ 1,150.38

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1986

  • Average monthly Social Security payment that year: $ 488.44

  • Average monthly Social Security payment in 2020 dollars: $ 1,155.76

1987

  • Average monthly Social Security payment that year: $ 512.65

  • Average monthly Social Security payment in 2020 dollars: $ 1,167.21

1988

  • Average monthly Social Security payment that year: $ 536.77

  • Average monthly Social Security payment in 2020 dollars: $ 1,173.65

1989

  • Average monthly Social Security payment that year: $ 566.85

  • Average monthly Social Security payment in 2020 dollars: $ 1,180.64

nineteen ninety

  • Average monthly Social Security payment that year: $ 602.56

  • Average monthly Social Security payment in 2020 dollars: $ 1,197.27

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1991

  • Average monthly Social Security payment that year: $ 629.32

  • Average monthly Social Security payment in 2020 dollars: $ 1,197.19

1992

  • Average monthly Social Security payment that year: $ 652.64

  • Average monthly Social Security payment in 2020 dollars: $ 1,203.56

1993

  • Average monthly Social Security payment that year: $ 674.06

  • Average monthly Social Security payment in 2020 dollars: $ 1,209.48

1994

  • Average monthly Social Security payment that year: $ 697.34

  • Average monthly Social Security payment in 2020 dollars: $ 1,217.53

1995

  • Average monthly Social Security payment that year: $ 719.80

  • Average monthly Social Security payment in 2020 dollars: $ 1,222.96

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1996

  • Average monthly Social Security payment that year: $ 744.96

  • Average monthly Social Security payment in 2020 dollars: $ 1,229.43

1997

  • Average monthly Social Security payment that year: $ 774.84

  • Average monthly Social Security payment in 2020 dollars: $ 1,250.85

1998

  • Average monthly Social Security payment that year: $ 779.69

  • Average monthly Social Security payment in 2020 dollars: $ 1,237.86

1999

  • Average monthly Social Security payment that year: $ 804.30

  • Average monthly Social Security payment in 2020 dollars: $ 1,250.12

2000

  • Average monthly Social Security payment that year: $ 844.48

  • Average monthly Social Security payment in 2020 dollars: $ 1,266.24

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2001

  • Average monthly Social Security payment that year: $ 874.44

  • Average monthly Social Security payment in 2020 dollars: $ 1,276.44

2002

  • Average monthly Social Security payment that year: $ 895.00

  • Average monthly Social Security payment in 2020 dollars: $ 1,287.59

2003

  • Average monthly Social Security payment that year: $ 922.08

  • Average monthly Social Security payment in 2020 dollars: $ 1,299.14

2004

  • Average monthly Social Security payment that year: $ 954.89

  • Average monthly Social Security payment in 2020 dollars: $ 1,306.30

2005

  • Average monthly Social Security payment that year: $ 1,002.00

  • Average monthly Social Security payment in 2020 dollars: $ 1,328.66

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2006

  • Average monthly Social Security payment that year: $ 1,044.40

  • Average monthly Social Security payment in 2020 dollars: $ 1,329.75

2007

  • Average monthly Social Security payment that year: $ 1,078.60

  • Average monthly Social Security payment in 2020 dollars: $ 1,341.66

2008

  • Average monthly Social Security payment that year: $ 1,152.90

  • Average monthly Social Security payment in 2020 dollars: $ 1,358.03

2009

  • Average monthly Social Security payment that year: $ 1,164.30

  • Average monthly Social Security payment in 2020 dollars: $ 1,400.84

2010

  • Average monthly Social Security payment that year: $ 1,175.50

  • Average monthly Social Security payment in 2020 dollars: $ 1,397.05

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2011

  • Average monthly Social Security payment that year: $ 1,228.57

  • Average monthly Social Security payment in 2020 dollars: $ 1,409.00

2012

  • Average monthly Social Security payment that year: $ 1,261.61

  • Average monthly Social Security payment in 2020 dollars: $ 1,426.79

2013

  • Average monthly Social Security payment that year: $ 1,293.83

  • Average monthly Social Security payment in 2020 dollars: $ 1,435.10

2014

  • Average monthly Social Security payment that year: $ 1,328.58

  • Average monthly Social Security payment in 2020 dollars: $ 1,444.85

2015

  • Average monthly Social Security payment that year: $ 1,341.77

  • Average monthly Social Security payment in 2020 dollars: $ 1,456.73

2016

  • Average monthly Social Security payment that year: $ 1,360.13

  • Average monthly Social Security payment in 2020 dollars: $ 1,464.55

2017

  • Average monthly Social Security payment that year: $ 1,404.15

  • Average monthly Social Security payment in 2020 dollars: $ 1,486.26

2018

  • Average monthly Social Security payment that year: $ 1,461.31

  • Average monthly Social Security payment in 2020 dollars: $ 1,502.45

2019

2020

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Methodology: GOBankingRates used the Social Security Administration’s (SSA) “Annual Statistical Supplement 2019” to find the average Social Security Check in the year you were born. Using this report, GOBankingRates consulted Table 3.C4 – Average monthly value of Social Security (OASDI) to find: (1) the average monthly payment of Social Security for retired workers (value at the time) and then used the Bureau Labor Statistics CPI inflation calculator to find the (2) average monthly Social Security payment for retired workers (2020 dollars) for the years 1950 to 2018. Then GOBankingRates used the SSA Beneficiary Data portal to find the average monthly benefit amount for retired workers in 2019 and 2020 in current dollars. All data were collected and updated on February 1, 2021.

Last updated: February 16, 2021

This article was originally published on GOBankingRates.com: The Average Social Security Check in the year you were born

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