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It's Official: Social Security Retired-Worker Benefits Have Made History
For the first time in 90 years, the average monthly check for retired workers has surpassed a psychologically important level.
In August 1935, the Social Security Act was signed into law, with the first retired-worker benefit being issued in January 1940. For decades, this prized social program has been providing a financial foundation for those who could no longer do so for themselves.
Based on a recently updated analysis from the Center on Budget and Policy Priorities, Social Security helped pull more than 22 million people above the federal poverty line in 2023, 16.3 million of whom were aged 65 and above. It's also reduced the federal poverty rate for seniors to 10.1% from an estimated 37.3% if the program didn't exist.
Separately, national pollster Gallup has been surveying retirees in each of the last 23 years to gauge how important their Social Security income is to making ends meet. Anywhere from 80% to 90% of respondents noted it was necessary, in some capacity, to cover their expenses.
