Is the average Social Security check payment of $1,900 per month enough to live comfortably on?

As of 2024, the average Social Security retirement benefit is approximately $1,915 per month, which is slightly above the overall average for all recipients, including retirees, survivors, and disabled individuals.

Half of the population aged 65 or older live in households that receive at least 50 percent of their family income from Social Security benefits. However, these benefits were originally designed to supplement other retirement savings and pensions, not to serve as the sole source of income.

This is particularly significant given that nearly half of adults aged 55 to 66 lack personal retirement savings, making them heavily reliant on Social Security.

Living comfortably on $1,900 per month is challenging, especially in areas with a high cost of living. Essential expenses such as housing, healthcare, food, and utilities can quickly consume a significant portion of this income. For instance, the national average rent for a one-bedroom apartment is only $200 less than this whole check.

Over the span of a year, this monthly check totals $23,000. This is far below the national average salary of nearly $60,000. Clearly, other funds, through planning or a partner, are crucial.

Dealing with retirement with only Social Security

To manage on this income, retirees might consider strategies such as downsizing their living space or relocating to areas with a lower cost of living. Neither are ideal situations, especially having to move away from an that one may have grown up in their whole life.

Additionally, some retirees may continue to work part-time to supplement their income, although this can affect Social Security benefits if they have not yet reached full retirement age.

Those planning to retire are encouraged to create a detailed plan for retirement and what they need to save before making that decision.