Social Security: How Much the Average Middle-Class Retiree Receives in Benefits at Age 80
Written by
Jake Safane
Edited by
Amen Oyiboke
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While many people dream of a relaxing retirement, the reality is that many Americans struggle financially during their senior years. Overall, nearly two-thirds of Americans worry more about running out of money than death, according to an Allianz Life survey. Of these concerns, 43% cite worries about Social Security not providing sufficient support.
On average, an 80-year-old receives $2,006.20 per month in Social Security retirement benefits, according to Social Security Administration (SSA) data, as of December 2024. In comparison, the average at any age from 62 and up equals $1,975.34. For men at age 80, the average number is a bit higher, equaling $2,206.47 versus $1,815.90 for women of the same age, which in part reflects differences in income during their working years.
Receiving those average amounts isn’t enough for many retirees to live comfortably. The median senior spends an estimated $2,000-$4,000 per month on living expenses, according to a survey by The Senior Citizens League (TSCL).
So, while a Social Security check might roughly cover that amount, particularly for those with a partner to combine Social Security benefits with, that often only covers the basics. When you add in medical expenses that can quickly rack up later in life, plus things like home repairs, it can be tough to make ends meet. Indeed, the National Council on Aging found that 80% of older adults in the U.S. are currently or at risk of financially struggling.
Not to mention, if you want to move past treading water and actually soak up your golden years, the average 80-year-old needs more income sources than just Social Security benefits.
Given that the average Social Security benefits for an 80-year-old, or at any age for that matter, are often not enough to fully support a comfortable retirement, it’s important to make a financial plan that accounts for factors such as your retirement savings, non-retirement savings, and any income you might be able to earn while working a bit in retirement, compared against your expected expenses, such as for housing, utilities, transportation, groceries, healthcare, and some general fun money.
Making this plan also likely involves considerations such as where in the world you want to live during retirement and how you want to spend your time.
In doing so, you can get a clearer picture of how much retirement income you need to support a fulfilling lifestyle, which then affects decisions such as when to file for Social Security — since benefits increase if you wait til age 70 — as well as how to draw down your retirement savings.
“The advice that I would offer the average retiree is to have a solid understanding of their entire financial picture,” said Urban Adams, wealth manager at Dynamic Wealth Advisors. “In other words, they should understand their other income sources, expenses, etc., when deciding when to file for benefits. Without this broader view, it is possible to unintentionally make a misstep — something we all want to avoid.”
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