For the first time in 90 years, the average monthly check for retired workers has surpassed a psychologically important level.

Social Security retirement benefits are one of the most important income sources available to older Americans because these benefits are widely available, guaranteed to last for life, and protected against the impact of rising prices due to Cost of Living Adjustments (COLAs).

Social Security beneficiaries are poised for a potential 2.5% increase in their benefits next year, driven by a slight uptick in inflation.