The average monthly Social Security benefit has doubled in purchasing power since 1960, even taking into account inflation.

Question

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According to the Social Security Administration, the average monthly Social Security benefit in 1960 was $74.70, adjusted for inflation. As of 2021, the average monthly benefit is $1,543, which is more than 20 times higher in nominal dollar terms, and more than double in purchasing power when adjusting for inflation.

The Average Monthly Social Security Benefit Has Doubled in Purchasing