Social Security benefits have grown significantly from 1964 to 2024, prompting the need for additional savings.

From Nasdaq: 2024-09-28 16:00:00

Social Security retirement benefits have grown significantly over the past 60 years. In 1964, the average monthly payment was $77.57, now it stands at $1,920.48 for retired workers. This represents an annualized growth of 5.49% compared to 3.93% for the CPI. However, the CPI-E, measuring elderly costs, has grown at 2.99% annually. Social Security payments increased by 3.69% yearly. While COLAs outpaced inflation, the gap has narrowed, prompting future retirees to save more for retirement. Social Security benefits alone may not be sufficient for a comfortable retirement, so additional savings are crucial.



Read more at Nasdaq: This Was the Average Social Security Benefit in 1964, and Here’s What It Is Now