1950Īverage monthly Social Security payment that year: $43.86Īverage monthly Social Security payment in 2020 dollars: $471.54Īverage monthly Social Security payment that year: $42.14Īverage monthly Social Security payment in 2020 dollars: $421.56 So here’s a look at how benefits have changed over the decades, should there be some valuable lessons in Social Security’s past to tell us about what to expect from its future.