This Was the Average Social Security Benefit in 1965, and Here's What It Is Now
A lot has changed since 1965. Cellphones didn't exist, gas was around $0.30 per gallon, and the federal minimum wage was $1.25 an hour. Aside from inventions, price changes, and major cultural shifts, Social Security has also had its fair share of changes, including the average monthly benefit.The average Social Security retired worker's monthly benefit in 1965 was $83.92. Today, the average has jumped to $1,929.20 as of the end of January -- close to a 2,200% increase.Image source: Getty Images.Continue reading
A lot has changed since 1965. Cellphones didn't exist, gas was around $0.30 per gallon, and the federal minimum wage was $1.25 an hour. Aside from inventions, price changes, and major cultural shifts, Social Security has also had its fair share of changes, including the average monthly benefit.
The average Social Security retired worker's monthly benefit in 1965 was $83.92. Today, the average has jumped to $1,929.20 as of the end of January -- close to a 2,200% increase.
Image source: Getty Images.
