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In the article, it discusses the importance of Social Security as a financial foundation for America’s aging workforce, revealing that anywhere from 80% to 90% of retirees depend on it to cover their expenses. The article notes that while Social Security is crucial to the financial well-being of millions, the monthly benefits are fairly modest. It provides a detailed breakdown of how Social Security benefits are calculated, including factors such as work and earnings history, full retirement age, and claiming age. The article then shows the growth of the average Social Security retirement benefits for every year since 1950, highlighting the role of cost-of-living adjustments in increasing benefits over the years. It points out that while benefits have grown, retirees have been facing inflation on their purchases, leading to a decline in the purchasing power of their Social Security dollar. Additionally, the article goes into detail about the Consumer Price Index for Urban Wage Earners and Clerical Workers and how it has failed retired workers due to not adequately representing their spending habits. The article concludes by mentioning some “Social Security secrets” that can help maximize benefits and increase retirement income.



Original: Here’s the Average Social Security Retired Worker Benefit for Every Year Since 1950