For nearly a century, Social Security has stood as a pillar of financial security for millions of Americans, especially those entering retirement. As the program celebrates its 90th anniversary, its importance—and the challenges it faces—are coming into sharper focus for retirees, policymakers, and advocates alike.
According to The Motley Fool, the average monthly Social Security benefit for someone aged 70 at the end of 2024 was $2,148.12, translating to roughly $25,777 annually. The numbers reveal a noticeable gender gap: men aged 70 received an average of $2,389.95 per month, while women received $1,909.42, a disparity largely attributed to differences in lifetime earnings.
Deciding when to claim Social Security benefits is a critical choice that can permanently impact one's financial well-being in retirement. For those born in 1960 or later, the full retirement age (FRA)—the age at which individuals can receive their full monthly benefit, known as the primary insurance amount (PIA)—is 67. The Social Security Administration (SSA) offers an incentive to delay claiming benefits past FRA: for every month delayed, benefits increase by two-thirds of one percent, or about 8% per year, up until age 70. After that, the increases stop, making 70 the latest practical age to claim. For example, if your PIA at age 67 is $2,000, waiting until 70 would bump your benefit to $2,480 per month, not including annual cost-of-living adjustments (COLAs).
This year, Social Security marks its 90th birthday—a milestone that has prompted both celebration and concern. As reported by GOBankingRates, the program's spending has outpaced its revenue since 2021, fueling anxiety about its long-term sustainability. Experts and economists are advocating for reforms to ensure Social Security remains solvent for future generations. Some proposed solutions include raising the earnings cap (the maximum amount of an individual's income subject to Social Security tax), increasing payroll taxes by 1% for both employers and employees, and introducing automatic benefit adjustments when the program is financially imbalanced.
Meanwhile, the upcoming 2026 COLA is expected to rise by 2.7%, according to early estimates from The Senior Citizens League (TSCL), as reported last month. This anticipated increase is a direct response to ongoing inflation, which continues to drive up the cost of essentials like groceries and medications. Last year, TSCL accurately predicted a 2.5% COLA, lending credibility to their latest forecast. While any increase is welcome news for retirees, it may not be enough to offset rising expenses. In July 2025, the average Social Security benefit for retirees was $2,006.69, yet a recent survey from Nationwide found that 55% of recipients said their benefits do not cover their basic retirement needs. Furthermore, 63% of respondents believe that persistent inflation—exacerbated by rising tariffs—will outpace future COLA increases.
The numbers tell a sobering story: between 2010 and 2024, COLAs boosted Social Security benefits by 58%, but seniors saw their expenses climb by 73% over the same period, according to research from TSCL. This growing gap means many older Americans must increasingly rely on other sources of income, such as personal savings, pensions, or part-time work, to make ends meet.
Social Security's reach extends beyond retirees. The SSA recently announced the addition of 13 new health conditions to its Compassionate Allowance (CAL) list, a move designed to expedite disability benefit applications for those facing the most severe diagnoses. The newly recognized conditions include Au-Kline Syndrome, Bilateral Anophthalmia, Carey-Fineman-Ziter Syndrome, Harlequin Ichthyosis (Child), Hematopoietic Stem Cell Transplantation, LMNA-related Congenital Muscular Dystrophy, Progressive Muscular Atrophy, Pulmonary Amyloidosis (AL Type), Rasmussen Encephalitis, Thymic Carcinoma, Turnpenny-Fry Syndrome, WHO Grade III Meningiomas, and Zhu-Tokita-Takenouchi-Kim Syndrome. Typically, it takes three to five months for the SSA to decide on a disability claim, but those with CAL-listed conditions can expect a much faster process—a welcome relief for individuals and families facing urgent medical and financial needs.
While the program continues to provide crucial support, it is not without operational challenges. According to a recent analysis by the Strategic Organizing Center (SOC), 46 states and Washington, D.C. experienced a net loss of Social Security field office staff between March 2024 and March 2025. These local offices play a vital role, assisting more than 119,000 visitors daily in 2023 with everything from benefit applications to replacing identification cards. The staffing shortages have led to longer wait times and delays, making it harder for beneficiaries to access the help they need. The SOC warns that these delays can create added stress for seniors and people with disabilities who may already be navigating complex situations.
Looking ahead to September 2025, the Social Security payment schedule follows a predictable pattern, though the exact date depends on a recipient's birthdate and the type of benefit received. According to LiveNOW from FOX, those who began receiving benefits before May 1997 will get their payments on September 3. Recipients with birthdays between the 1st and 10th will be paid on September 10 (the second Wednesday of the month), those born between the 11th and 20th on September 17 (third Wednesday), and birthdays from the 21st to the 31st on September 24 (fourth Wednesday). Supplemental Security Income (SSI) payments, which support people with disabilities and older adults with little or no income, were issued early on August 29 this year because September 1 falls on Labor Day. If a payment is missing, the SSA advises first contacting your bank, then reaching out to the agency directly if the issue persists. As their website states, "We will review the case and if the payment is due, we will replace it."
As Social Security enters its tenth decade, the program remains a lifeline for millions but also faces mounting pressures from demographic shifts, inflation, and administrative hurdles. The coming years will likely see heated debates in Congress and across the country about how best to preserve and strengthen this foundational program. For now, recipients and advocates alike are watching closely—hoping that Social Security will continue to fulfill its promise for generations to come.
