Social Security Can’t Keep Up With Retirees’ Four Biggest Expenses

It’s no wonder so many retirees are struggling financially. An article by MoneyWise found that the average older American (age 65 and over) spends about $4,345 each month. Their biggest expenses are housing (which accounts for 36 percent of annual expenses), transportation, healthcare, and food. All of these have skyrocketed in recent years, largely due to inflation.

Things are even more dire for the millions of retirees who rely on their monthly Social Security benefits for the bulk of their retirement income. According to the Social Security Administration, the average monthly benefit check in June was only $1,788.89. That won’t even cover half of the average monthly expenses facing seniors.

This is one of the key reasons why The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate $200 per month (average) benefits increase, a fair annual cost-of-living adjustment (COLA) and increased minimum benefits. This will help take some of the financial strain off older Americans.