Average $2,086 Social Security Check Covers Less Than Half of $65,000 Senior Expenses
Updated
Updated · The Motley Fool · Aug 17
Average $2,086 Social Security Check Covers Less Than Half of $65,000 Senior Expenses
3 articles · Updated · The Motley Fool · Aug 17
Summary
$2,086 a month in average retirement benefits adds up to just over $25,000 a year, leaving a typical single senior to fund more than half of roughly $65,000 in annual expenses.
$61,000 was the average spending for households led by someone 65 or older in 2024, and the report says inflation likely pushes that figure somewhat higher today.
$987 a month in average spousal benefits means a married couple receiving two average retirement checks would have most of those expenses covered, though not necessarily enough for a comfortable retirement.
my Social Security accounts let workers estimate benefits at different claiming ages based on earnings history, helping gauge how much savings or other income will be needed beyond Social Security.
The gap underscores how rising living costs and the decline of pensions have left Social Security as the main retirement plan for many Americans.