Posted on 01/28/2025 9:10:38 AM PST by Red Badger
Social Security is one of the most important social programs for older Americans, with roughly 90% of those age 65 and older collecting benefits, according to 2024 data from the Social Security Administration. But the cost of living has changed significantly over time, and today's benefits look much different than in 1984.
Social Security benefits have been steadily increasing
The Social Security Administration introduced cost-of-living adjustments (COLAs) in 1975 to help benefits maintain their buying power amid rising inflation. As a result, beneficiaries receive a small raise most years when the COLA takes effect.
In 1984, the average benefit was just $460.57 per month. It's steadily gone up over time, with today's retirees earning an average payment of $1,925.46 per month, as of November 2024.
Year Average Monthly Payment
1984 $461
1994 $697
2004 $955
2014 $1,329
2024 $1,925
Data source: Social Security Administration.
However, while benefits are increasing over time, they're not necessarily worth more than they were decades ago. In fact, since 2010, Social Security has lost around 20% of its buying power, according to a 2024 report from nonprofit group The Senior Citizens League.
Even with annual COLAs, Social Security is struggling to keep pace with rising costs. If this trend continues, retirees may not be able to rely on their benefits as much in the future as they do now.
There may not be much you can do about Social Security's loss of buying power, but there's a good chance benefits won't go as far as they used to. If possible, leaning more heavily on other sources of income can reduce your dependence on Social Security and better protect your retirement.
Patient complaining to doctor about affording medical costs
Doctor:"Have you considered euthanasia? Think of the burden you will be to your family or country. It is absolutely painless and you will be free of worries. All you have to do is sign right here".
Don't count on lying, broke, corrupt govt to do it for you.
Average cost of a house in 1984, 97,600. A top of the line F-160 was 11,000.
President Trump has hinted at reducing or cutting income tax from SS...THAT would be a boon!!!
If Pres Trump allowed a 20% increase in SS benefits- just to seniors , he would lock up the senior vote for years.
Why only seniors?
That’s all that social security was for.
This talk is intended for those that REFUSED the clot shot.
Absolutely. I don’t expect it to be around in 15-20 years when I retire and tell my kids not to expect it for sure. Save for yourself, then hope the government doesn’t steal your investment “for the people” later on.
How about reducing the penalty for receiving benefits while working. THAT could be very helpful to some folks.
I’d say that would help...
Average cost of a house in 1984, 97,600. A top of the line F-160 was 11,000.
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Do you mean the F-16?
$11,000.00 for a jet fighter?
Why only seniors?
I’d day because seniors are a favorite target of dems running for office, trying to generate fear that their opponents will cut or end SS for them.
A small measure trying to extend solvency of the fund was enacted during the GWBush era. It changed the calculation for the COLA for social security to no more than what had been the average COLA for wages, not prices. It was an equitable adjustment, for why should social security benefits rise faster than wages?
An F-150 was even cheaper! But in 1984, and F-16 was 4.8 million. A Beech King Air costs twice that much today.
A tax that Resident Biden championed in the 80s.
no the ford f-150
According to this inlfation caluclator:
https://www.saving.org/inflation/inflation.php?amount=461&year=1984
$461 in 1984 is worth about $1400 today...meaning the SS payout is improving on average.
we lost 20% + value since 2020 with inflation
https://www.saving.org/inflation/inflation.php?amount=461&year=1984
$461 in 1984 is worth about $1400 today...meaning the SS payout is improving on average.
Nope. It's based on the fake inflation rate. From the link you gave: This calculator compares inflation during the selected time frame. We use the Consumer Price Index (CPI) data provided by the Bureau of Labor Statistics of the United States government.
That CPI rate doesn't include things like food, energy, and housing costs. The things that matter in life have gone up a lot more than the CPI.
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