This Was the Average Social Security Benefit in 1964, and Here's What It Is Now

Social Security has been a safety net for retirees for decades, but it looked a lot different 60 years ago. Back then, any boost to benefits needed Congress to step in and approve it. That all changed in 1975, thanks to the introduction of automatic cost-of-living adjustments (COLAs).COLAs are intended to help Social Security checks keep up with inflation. They are tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures changes in the cost of living. Over the years, rising inflation has pushed up costs for essentials like housing and groceries. As a result, Social Security benefits have increased significantly.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool