January 23, 2022

How much money can a typical senior couple expect from Social Security in 2022?

If you and your spouse both plan to claim Social Security benefits, will your combined income from this program provide you with enough to live on?

This is a common question, especially since many people don’t have a lot of money saved for retirement and may plan to rely on their government benefits to make ends meet. Unfortunately, the answer may disappoint you.

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An average couple raises $2,753 a month from Social Security

In 2022, the average monthly income is that Social Security Retirement Benefits will provide a senior couple comes in at $2,753. This average is based on an older couple where both spouses receive benefits.

You may be surprised to learn that this amount is less than double the average benefit for individual retirees, that’s $1,657. There’s a simple reason for this: it often happens that one spouse receives fewer benefits than another because one spouse earns more or has worked more years.

The important thing to note about this number is that it would only bring in $33,036 for two people to live on. This is a very low household income for two people, especially considering that the Labor Statistics Bureau reports that the average annual expenditure is $47,579 for consumers age 65 and older — including $6,668 per year for health care. With the Social Security median income, most senior couples would struggle to afford the basics if they wanted to live off these benefits alone.

How can older couples make sure they have enough to live on?

Senior couples can take two steps to ensure they have enough money later in life:

  1. They can optimize their Social Security benefits by determining the best claims approach.
  2. They can bring in additional income from savings, pensions or other sources.

Optimizing Social Security benefits involves carefully considering all options for when each spouse should claim benefits to ensure the highest possible income. For example, a lower earner may claim benefits first to allow a higher earning spouse to wait longer and increase their monthly income.

However, there is a limit to the impact of this strategy move, as Social Security benefits are only designed to replace about 40% of each person’s income before retirement – even in the best-case scenario, where benefits are fully optimized. And living on 40% of what your household previously brought in will obviously require some inconvenient sacrifices.

The good news is that the potential to generate additional income is limited only by how much you want and can save during your career or by factors such as whether you’re willing to work part-time as a retiree.

If you can invest a reasonable amount during your working life or do part-time or consulting work as a senior, you may be able to earn a lot of extra money to supplement your savings and get the security you deserve in your later years.

The $16,728 Social Security Bonus Most Retirees Completely Overlook

If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” can give your retirement income a boost. For example, one simple trick can save you as much as $16,728 more… per year! Once you know how to maximize your Social Security benefits, we think you can retire with confidence with the peace of mind we all strive for. Click here to discover how to learn more about these strategies.

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