
In 1994, the average monthly Social Security benefit was approximately $736. Adjusted for inflation, this would equate to around $1,220 in today’s dollars. In contrast, the average Social Security benefit as of 2023 is approximately $1,830 per month.
While this is a significant increase nominally, the actual increase in terms of purchasing power is much less dramatic due to inflation. The Cost of Living Adjustment (COLA) was first put in place in 1975 to help monthly checks keep up with rising prices for everything from housing to groceries.
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