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.
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
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
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
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
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
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
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
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
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
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
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
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
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: $1578.55
2020
- Average monthly Social Security payment in 2020 dollars: $1629.51
