Why the Average Retiree’s Income Doesn’t Tell the Complete Story

Could this be the classic story of haves and have nots? An article by MoneyWise on MSN points out that the average pre-tax income for retired households was $96,668 in 2022, while the median (middle) pre-tax income was only $47,560. This shows the discrepancy between high- and low-wage earners during retirement.

Furthermore, when you consider that the average monthly Social Security benefit is only $1,907, that means millions of retirees are receiving only $22,884 in retirement income each year. Even more stressing is the fact that the average annual expenses of households age 65 and older was $57,818 in 2022, according to the Bureau of Labor Statistics, explaining why so many seniors are struggling financially.

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. This bill will also ensure the long-term solvency of the Social Security program.