This Was the Average Social Security Benefit in 1984, and Here's What It Is Now

Source The Motley Fool

Social Security has been a financial lifeline for retirees for decades, but it hasn't stayed the same. If we jump back 40 years to 1984 -- when VHS tapes and cassette players were all the rage -- you'll see how much inflation has eroded purchasing power over the decades. Today's Social Security checks look a lot different to help keep up with those changes.

Person in front of laptop, taking notes.

Image source: Getty Images.

Average Social Security retirement benefit for every decade since 1984

Over the past 40 years, Social Security benefits have gotten a steady upgrade -- and it's no accident. Thanks to annual cost-of-living adjustments (COLAs) introduced in 1975, these benefits are designed to keep pace with inflation and help retirees maintain their buying power.

Some years brought big COLAs, like the 8.7% boost in 2023, while other years left retirees empty-handed with no COLA at all. Here's a look at how average monthly benefits have changed over time:

Year

Average monthly benefit for retirees

1984

$460.57

1994

$697.34

2004

$954.89

2014

$1,328.58

2024

$1,925.46*

Data source: Social Security Administration, 2024 Annual Statistical Supplement. *As of November 2024.

Back in 1984, the average monthly benefit was just $460.57 -- adding up to about $5,527 for the year. The good news? Social Security beneficiaries today are pocketing more money, even after accounting for inflation. As of November 2024, the average retired worker receives $1,925.46 per month, or about $23,106 annually. For context, $461 in monthly benefits from December 1984 would be worth about $1,381 in today's dollars, according to the Bureau of Labor Statistics' inflation calculator.

For 2025, the Social Security COLA is set at 2.5%, which means the average retirement benefit will go up by about $50 per month. But if you're like most retirees, you probably think that's not enough to keep up with rising costs -- at least according to a recent Motley Fool survey. That's why it's smart to plan ahead. Start exploring other sources of retirement income now, so you're not leaning too heavily on Social Security to stay afloat.

The $22,924 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.

View the "Social Security secrets" »

The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ethereum (ETH) Price Closes Above $3,900 — Is a New All-Time High Possible Before 2024 Ends?Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
Author  Beincrypto
Dec 17, 2024
Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
placeholder
Markets in 2026: Will gold, Bitcoin, and the U.S. dollar make history again? — These are how leading institutions thinkAfter a turbulent 2025, what lies ahead for commodities, forex, and cryptocurrency markets in 2026?
Author  Insights
Dec 25, 2025
After a turbulent 2025, what lies ahead for commodities, forex, and cryptocurrency markets in 2026?
placeholder
Gold advances back closer to $5,200 mark amid geopolitical tensions and USD weaknessGold (XAU/USD) attracts some dip-buyers following the previous day's modest pullback from the monthly top and climbs back closer to the $5,200 mark during the Asian session on Wednesday.
Author  FXStreet
Feb 25, Wed
Gold (XAU/USD) attracts some dip-buyers following the previous day's modest pullback from the monthly top and climbs back closer to the $5,200 mark during the Asian session on Wednesday.
placeholder
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP post cautious recovery amid downside risksBitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are posting a cautious recovery on Wednesday following a market correction earlier this week.  BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.
Author  FXStreet
Feb 25, Wed
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are posting a cautious recovery on Wednesday following a market correction earlier this week.  BTC is approaching a key breakdown level, while ETH and XRP are rebounding from crucial support levels.
placeholder
Gold gains above $5,150 as US tariff uncertainty drive demand, eyes on US-Iran talksGold price (XAU/USD) trades with mild gains near $5,165 during the early Asian session on Thursday. The rally of the precious metal is bolstered by escalating geopolitical tensions between the United States (US) and Iran and ongoing uncertainty regarding US tariff policies.
Author  FXStreet
Yesterday 01: 25
Gold price (XAU/USD) trades with mild gains near $5,165 during the early Asian session on Thursday. The rally of the precious metal is bolstered by escalating geopolitical tensions between the United States (US) and Iran and ongoing uncertainty regarding US tariff policies.
goTop
quote