Ever wonder where you fall on the Social Security spectrum?
While a person’s payment amount is unique based on a variety of financial factors, it can be interesting to compare your number to the average Social Security payment.
Whether a senior is using their Social Security payment to live a life of luxury or they’re using it to make ends meet, one thing is for sure – this program unites all seniors and retirees behind a common cause of care.
Here at NORA, we covered the record Social Security COLA when it was announced, and we’ll continue to monitor its impact in a changing economy. Accounting for that coming increase, the average Social Security payment for 2022 comes out to $1,657.
Whether you’re higher or lower than average in terms of your payment, an increase in the average is a win for all. It helps us to make the case that all seniors deserve a fair COLA pegged to inflation and the rising cost of living.
How Does This Number Compare with Average Expenses?
Given that the average American senior (65 or older) is said to spend approximately $4,000 a month, that puts our average Social Security payment at roughly 20% of the average cost of living.
While these numbers are averages that could vastly differ for seniors from different lifestyles, it shows that the average COLA is something to celebrate but not to be complacent about. While we can appreciate the increase, we can’t stop pursuing the cause.
When seniors come together with a dedicated organization like NORA, we can work to address the challenges and concerns retirees have – together.
No matter how much your Social Security payment is, you deserve a fair yearly COLA. We fight for seniors on the legislative floor, and there are many ways you can support our cause – one is by following us on Facebook and Twitter for more important news like this.