Will Social Security Cover Even Half Your Expenses in Retirement? Here's the Truth.

Social Security was supposed to be one part of the "three-legged stool" of retirement planning, alongside personal savings and a pension. But as pensions have become rarer and living costs have risen faster than income, it's become the entire retirement plan for some Americans.

While the idea of monthly benefits for life is reassuring, many still worry about how much they'll have to slash expenses in retirement: half? More than half? The truth is, it depends a lot on the household. But here's what we know about how the average Social Security benefit stacks up to the average senior's expenses.

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How far does the average Social Security benefit go in retirement?

The average Social Security retirement benefit as of July 2026 is $2,086 per month. That adds up to a little over $25,000 per year. Meanwhile, the average spousal benefit is about $987 per month, or a little under $12,000 per year.

The average annual expenses for a household headed by an adult 65 and older were a little over $61,000 in 2024, according to the Bureau of Labor Statistics. This is the most recent data available. Average expenses are likely somewhat higher today due to inflation over the last few years.

If we assume the average senior household spends around $65,000 today, then a single adult earning $25,000 in Social Security benefits will have to pay more than half of their expenses on their own. But that's not true for everyone.

A married couple earning two average retirement checks would have most of their $65,000 in annual expenses covered by Social Security. However, it's impossible to say from these numbers whether that would be enough to retire comfortably on. That depends on where you plan to retire, how long you expect to live, and what kind of lifestyle you want.

How to estimate how far Social Security will go for you in the future

You don't have to guess at how your Social Security benefit will compare to the average. The Social Security Administration makes it easy to get a decent approximation through your my Social Security account. This is a free account, though you'll need to complete some identity verification questions during setup.

A tool here can estimate your Social Security benefit at every possible claiming age based on your income history to date and estimates of your future earnings. You can change the latter.

Use this information and your estimates of how much you'll spend annually in retirement to gauge how far your Social Security benefits will go. Then, start crafting a plan for how you'll cover the rest.

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