Many retired Americans, especially those relying solely on Social Security, face significant financial challenges due to the high cost of living. In 2025, the average retired worker will receive $1,976 monthly in Social Security benefits, while the average rent is $1,559.
Married couples typically receive higher combined benefits and yet still struggle to meet their yearly expenses. When we look at the typical expenses for older married couples compared to the average benefits they receive, it paints a sad picture.
The average household led by someone aged 65 or older spent $60,087 annually in 2023, equating to about $5,007 monthly—well above the $3,800 monthly total for two average Social Security checks.
Cost-of-living adjustments (COLAs) to benefits do not keep pace with increasing expenses, leaving many retirees with a substantial financial shortfall. Read more about how this lack of funding impacts seniors here.
When it comes to Social Security, American seniors need help. Benefits do not go far enough to support basic needs, and something needs to change. We believe that the Elder Relief Act is the change retirees need. Learn more here.