Social Security Retired-Worker Benefits Are Set to Make History Next Week
The average monthly check for retired workers is on track to cross a psychologically important level that's not been witnessed in 90 years.
When the Social Security Act was signed into law in 1935, its purpose was to provide a financial foundation for America's aging workforce. Nine decades later, this mission is still being fulfilled, with the added bonus of also providing protections for workers with disabilities and survivors of deceased workers.
Based on an analysis from the Center on Budget and Policy Priorities, Social Security was responsible for pulling 22 million people out of poverty in 2023, which is more than any other social program. Nearly three-quarters of these 22 million people were aged 65 and above.
For most retired-worker beneficiaries, their monthly payout is more than just income -- it's a necessity. According to 23 years of annual surveys by Gallup, Social Security income helps between eight and nine out of every 10 retirees cover at least some portion of their expenses.
