You are using an older browser version. Please use a supported version for the best MSN experience.

The Average Social Security Check the Year You Were Born

GOBankingRates logo GOBankingRates 3 days ago Joel Anderson
Jennifer Oswald talking on a cell phone: A gray haired and youthful looking couple in their 50's enjoy time with each other in a beautiful outdoor setting, the sun casting a golden glow on the scene. © RyanJLane / Getty Images A gray haired and youthful looking couple in their 50's enjoy time with each other in a beautiful outdoor setting, the sun casting a golden glow on the scene.

Social Security has long been a cornerstone of American democracy. However, it has also undergone some dramatic changes in the over 80 years since its passage. While the core program remains unchanged — using present-day payroll taxes to provide cash payments to retirees — it has slowly become more and more connected to American society over the years, growing all the while to the enormous benefit you see today.

Check Out: How Long $500K Will Last in Retirement in Each State

Retirement: Jaw-Dropping Stats About the State of Retirement in America

But just how much have those benefits been worth? The truth is, the Social Security checks your great grandparents might have been receiving in the 1950s were much smaller. Even after accounting for inflation, benefits have tripled in size over the last 70 years.

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

1950

  • Average monthly Social Security payment that year: $43.86
  • Average monthly Social Security payment in 2020 dollars: $471.54

1951

  • Average monthly Social Security payment that year: $42.14
  • Average monthly Social Security payment in 2020 dollars: $421.56

Related: 37 Life Hacks That Will Save You Money

1952

  • Average monthly Social Security payment that year: $49.25
  • Average monthly Social Security payment in 2020 dollars: $477.93

1953

  • Average monthly Social Security payment that year: $51.10
  • Average monthly Social Security payment in 2020 dollars: $494.03

1954

  • Average monthly Social Security payment that year: $59.14
  • Average monthly Social Security payment in 2020 dollars: $569.64

1955

  • Average monthly Social Security payment that year: $61.90
  • Average monthly Social Security payment in 2020 dollars: $598.45

1956

  • Average monthly Social Security payment that year: $63.09
  • Average monthly Social Security payment in 2020 dollars: $596.59

1957

  • Average monthly Social Security payment that year: $64.58
  • Average monthly Social Security payment in 2020 dollars: $591.26

Be Aware: 11 Social Security Mistakes That Can Cost You a Fortune

1958

  • Average monthly Social Security payment that year: $66.35
  • Average monthly Social Security payment in 2020 dollars: $592.81

1959

  • Average monthly Social Security payment that year: $72.78
  • Average monthly Social Security payment in 2020 dollars: $645.80

1960

  • Average monthly Social Security payment that year: $74.04
  • Average monthly Social Security payment in 2020 dollars: $648.10

Avoid: 30 Things You Do That Can Mess Up Your Credit Score

1961

  • Average monthly Social Security payment that year: $75.65
  • Average monthly Social Security payment in 2020 dollars: $653.37

1962

  • Average monthly Social Security payment that year: $76.19
  • Average monthly Social Security payment in 2020 dollars: $651.52

1963

  • Average monthly Social Security payment that year: $76.88
  • Average monthly Social Security payment in 2020 dollars: $648.85

1964

  • Average monthly Social Security payment that year: $77.57
  • Average monthly Social Security payment in 2020 dollars: $646.25

1965

  • Average monthly Social Security payment that year: $83.92
  • Average monthly Social Security payment in 2020 dollars: $688.09

Don’t Forget: The 6 Most Important Tax Deductions You Need To Claim

1966

  • Average monthly Social Security payment that year: $84.35
  • Average monthly Social Security payment in 2020 dollars: $672.47

1967

  • Average monthly Social Security payment that year: $85.37
  • Average monthly Social Security payment in 2020 dollars: $662.26

1968

  • Average monthly Social Security payment that year: $98.86
  • Average monthly Social Security payment in 2020 dollars: $733.95

1969

  • Average monthly Social Security payment that year: $100.40
  • Average monthly Social Security payment in 2020 dollars: $706.90

1970

  • Average monthly Social Security payment that year: $118.10
  • Average monthly Social Security payment in 2020 dollars: $784.61

1971

  • Average monthly Social Security payment that year: $132.17
  • Average monthly Social Security payment in 2020 dollars: $841.41

1972

  • Average monthly Social Security payment that year: $162.35
  • Average monthly Social Security payment in 2020 dollars: $1,003.94

1973

  • Average monthly Social Security payment that year: $166.42
  • Average monthly Social Security payment in 2020 dollars: $973.35

1974

  • Average monthly Social Security payment that year: $188.21
  • Average monthly Social Security payment in 2020 dollars: $987.15

1975

  • Average monthly Social Security payment that year: $207.18
  • Average monthly Social Security payment in 2020 dollars: $990.42

Find Out: 16 Ways People Survived Before Social Security — Could You Do It?

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


Video: 7 Reasons You Should Not Claim Social Security Early (Money Talks News)

UP NEXT
UP NEXT
  • 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

Good Advice: 12 Essential Money Tips for Every Phase of Your Financial Life

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

Helpful: 17 Tips To Live Comfortably Off Just a Social Security Check

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

1990

  • Average monthly Social Security payment that year: $602.56
  • Average monthly Social Security payment in 2020 dollars: $1,197.27

Whoa: 9 Successful Money-Making ‘Schemes’ That Are Actually Legal

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

See: 35 Countries Where Your Social Security Check Goes Furthest

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

Learn More: Here’s How Much Teachers Make in Every State

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

Need To Know: Just How Rich Are President Joe Biden and These Other Big Names?

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

Take a Look: The Rich Are Costing Social Security Billions a Year

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

  • Average monthly Social Security payment in 2020 dollars: $1,578.55

2020

  • Average monthly Social Security payment in 2020 dollars: $1,629.51
More From GOBankingRates

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

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

AdChoices
AdChoices
AdChoices

More from GOBankingRates

GOBankingRates
GOBankingRates
image beaconimage beaconimage beacon