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Home Business & Finance

This Was the Average Social Security Benefit in 1975, and Here’s What It Is Now todayheadline

February 17, 2025
in Business & Finance
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Ah, 1975. You may or may not remember much from that year, but it was when Gerald Ford was U.S. president, Saturday Night Live premiered on TV, and the Vietnam War ended. People were wearing bell-bottom pants and dancing to disco music, and a new home cost around $40,000, on average. The median family income back then was only $13,720.

And how about Social Security for those who were retired back then? Well, the average retirement benefit was just $207 — roughly $2,500 annually.

Image source: Getty Images.

That’s not quite as terrible as it sounds, because a half gallon of milk cost $0.79 and coffee cost $1.33 per pound. Still, the disconnect between the incomes of working people and retirees was stark — and it still is. Check out the table below, showing how average Social Security benefits have changed over time:

Year

Average Monthly Social Security Benefit for Retirees

1975

$207

1980

$341

1985

$479

1990

$603

1995

$720

2000

$844

2005

$1,002

2010

$1,176

2015

$1,342

2020

$1,544

2025

$1,975*

Source: Data source: Social Security Administration, 2023 Annual Statistical Supplement.
*As of December 2024.

The most recent average monthly benefit of $1,975 amounts to around $23,700 — which is a hard sum to live off of. If that’s way less than you were expecting, know these things:

For best results, aim to have multiple income streams in retirement.

Tags: AveragebenefitHeressecuritySocialtodayheadline
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