During that time, Social Security retirement benefits have also experienced a change. In 2005, the average monthly Social Security benefit was $1,002, or just over $12,000 annually. Now, imagine if the average monthly Social Security benefit were still around $1,

Tens of millions of Americans rely on Social Security benefits for a substantial portion of their retirement income. Not only is Social Security a valuable source of retirement income, with the average retired worker receiving about $1,975 per month, but it is also the only inflation-protected source of income many retirees have.