How Much Money the Average Retiree Spends Each Month
One of the scariest things about retirement is living on a fixed income. When you consider that the average Social Security retirement benefit is just $1,907 this year — and the maximum benefit is only $3,822 per month — it’s hard to fathom how many seniors get by.
It’s even more mind-blowing when you look at the Bureau of Labor Statistics’ findings. According to an article by Yahoo! Finance, analysis shows back in 2021 the average income of someone 65 and older was $55,335 (that’s about $4,611 each month), and the average expenses were $52,141 (or $4,345 per month). Thanks to inflation, expenses have only increased in recent years, putting further financial pressure on retirees.
The Seniors Trust is committed to improving the lives of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits allowing more seniors to live without financial stress. This bill will also ensure the long-term solvency of the Social Security program.
