This Was the Average Social Security Benefit in 1994, and Here's What It Is Now

Millions of Americans depend on their Social Security checks each month to make ends meet. Thankfully, Social Security benefits now come with a built-in safeguard against inflation: the cost-of-living adjustment (COLA).The COLA was first put in place in 1975 to help monthly checks keep up with rising prices for everything from housing to groceries. If we rewind 30 years to 1994, a time when movie-rental stores and floppy disks were in style, you'll see just how much inflation has chipped away at purchasing power. Today, Social Security checks may look bigger than they did back then but their buying power tells a different story.How much has the average Social Security benefit changed in the last 30 years? Here's a look at the numbers.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool