Here’s How Much Social Security Has Increased in the Past 50 Years
Social Security benefit payments change from year to year. That’s because Social Security has a built-in system to adjust to keep pace with inflation. It’s easy to visualize this when you consider how much benefits have increased over the past 50 years. According to an article by The Motley Fool, the average monthly Social Security benefit for retired workers was $188 (just over $2,256 annually) back in 1974. In 2024, the average monthly benefit was $1,925 (that’s about $23,100 per year). In case you were wondering, that’s an over 900 percent increase.
Even so, the Social Security cost-of-living adjustment (COLA) struggles to keep up with the inflationary costs seniors face. The 2025 COLA was only 2.5 percent!
The Seniors Trust is committed to improving the lives of America’s retirees through the passage of The Social Security Expansion Act. It will provide a fair annual cost-of-living adjustment (COLA), give retirees an immediate benefits increase of about $200 a month, and increase minimum benefits. This bill will also ensure the long-term solvency of the Social Security program.
