The question here is, are these benefits taken into any consideration? The fact is that the social security amounts the people were receiving in the 1950s were very small. Even if we consider economic inflation, still benefits provided with the help of social security have tripled over the last 70 years.
Mentioned below is the list of how benefits have multiplied over the decades. It educates us about social security’s history and what we can forecast for its future. You can check the increase in the average social security payment from the year you were born.
From the year 1950 to the year 1995, the average social security payment increased from $43.86 to $719.80 per month.
Average Social Security Check from The Year 1996.
The year 1996:
The monthly average of $744.96 was paid as a social security payment in 1996.
The Year 1997:
The amount of $774.84 was paid as the monthly average social security payment.
The Year 1998:
The average amount of $779.69 was paid monthly in the name of social security payment.
The Year 1999:
The average Social Security payment in 1999 was $804.30 per month.
The Year 2000:
The average amount of $844.48 was given to people as a social security payment per month.
The Year 2001:
The average social security amount of $874.44 was paid monthly.
The Year 2002:
The amount of $895.00 was paid as the monthly average social security payment.
The Year 2003:
The average amount of $922.08 was paid monthly in the name of social security payment.
The Year 2004:
The average Social Security payment in 2004 was $954.89 per month.
The Year 2005:
The average amount of $1002.00 was given to people as a social security payment per month.
The Year 2006:
The average social security amount of $1044.40 was paid monthly
The Year 2007:
The amount of $1078.60 was paid as the monthly average social security payment.
The Year 2008:
The average amount of $1152 was paid monthly in the name of social security payment.
The Year 2009:
The average Social Security payment in 2009 was $1164.30 per month.
The Year 2010:
The average amount of $1175.50 was given to people as a social security payment per month.
The Year 2011:
The average social security amount of $1228.57 was paid monthly
The Year 2012:
The amount of $1261.61 was paid as the monthly average social security payment.
The Year 2013:
The average amount of $1293.83 was paid monthly in the name of social security payment.
The Year 2014:
The average Social Security payment in 2014 was $1328.58 per month.
The Year 2015:
The average amount of $1341.77 was given to people as a social security payment per month.
The Year 2016:
The average social security amount of $1360.13 was paid monthly
The Year 2017:
The amount of $1404.15 was paid as the monthly average social security payment.
The Year 2018:
The average amount of $1461.31 was paid monthly in the name of social security payment.
The Year 2019:
The average Social Security payment in 2019 was $1455.22 per month.
The Year 2020:
The average amount of $1489.30 was given to people as a social security payment per month.
The Year 2021:
The average social security amount of $1517.98 was paid monthly.
The Year 2022:
The average social security monthly payment in 2022 is $1615.96.
Conclusion
In this article, we have shown only 26 years of social security payments given to retirees per month. You can also notice how over the years, the payments given to retirees have increased. The amount which your great grandparents received was nothing compared to today’s payments. Social security is really an eyestone of American Democracy.
Q1 What Average Social Security I Will Get If I Earn $60000 Annually?
If you retire at the proper retirement age, then the average social security benefit you will get will be around $2,096.48 per month.
Q2 Are Only the Last Five Years Considered for Social Security Payments?
No, social security payments are established from the best 35 years of your working career.
Q3 What Will Be the Highest Social Security Payment In 2022?
If you take retirement at the age of retirement provided by the government in 2022, then your highest payment will be $3,345 per month.
Q4 Will I Receive Social Security Benefits If I Retire Before My Retirement Age?
Yes, You will receive your social security benefits if you retire before your retirement age or before completing 35 years, but the social security payment will be less than the actual payment if you have retired after completing 35 years.
