The Social Security Cost-of-Living Adjustment (COLA) in 2024 is now hitting seniors’ bank accounts. As a result, we can now see how far benefits are going.

Of course, as we’ve discussed here at NORA, it’s not about having the biggest Social Security benefit, but having one that suits your lifestyle.

While the push for a yearly COLA is partly about fairness, it’s also about supporting retirees’ needs.

Your benefit amount may vary from listed averages. But on average, how does Social Security in 2024 compare to current costs of living?

How Far Does the Average Social Security Payment Go in 2024?

Currently, the average Social Security benefit in 2024 sits at $1,907. We are committed to keeping this number climbing. But as of now, what could this amount do for the average retiree in America?

Keep in mind, these figures from World Population Review are average estimates, so any given senior may see differences depending on their location or their lifestyle.

Total average yearly spending comes in at $61,334. Over a third of that, or roughly $1,800 a month, is dedicated to housing and associated expenses. Food and groceries total just over $600 a month, or over $7,200 yearly.

Add in healthcare costs that are typically higher for seniors, plus money spent on entertainment, personal items, and trips, and you’ve got a lot for any person to keep up with.

The average Social Security payment in 2024 can certainly help with these expenses, covering nearly the average housing cost on its own, or a good portion of additional expenses.

But it’s not enough that the COLA can help you “cut it.”

We believe seniors deserve every penny they’re owed for supporting Social Security all these years, and we need YOUR help to get the attention of lawmakers. Sign our petition for a fair yearly COLA here, then follow us on Twitter and Facebook for more content like this.