Why Seniors on Social Security Struggle so Much

Social Security benefits are more modest than most people realize. According to the Center on Budget and Policy Priorities, the average Social Security retirement benefit in February 2023 was about $1,782 per month, which adds up to about $21,384 per year—no wonder many seniors are struggling financially.

A report by Moneywise found the picture becomes even more grim when you consider that Americans age 65 and older spend about $50,000 each year, largely on healthcare, housing, and basic necessities like groceries. And depending upon where you live your expenses could be even higher.

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.