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Retirement planning requires tracking and balancing multiple income streams – including Social Security, 401(k)s, savings, stocks, bonds and various other investment accounts – to create a balanced and secure retirement budget to last at least 20 to 30 years.
That said, not everyone has the financial foresight or resources to create a variety of retirement revenue, and that begs the question – how long can the average retiree survive on Social Security alone in 2026?
Here’s what Social Security will pay out in 2026
According to the Social Security Administration (SSA), the average monthly Social Security benefit allocation for retired workers will be approximately $2,071. This means the average retiree will receive about $24,852 in Social Security benefits (before taxes) throughout 2026. Keep in mind that these numbers are average estimates, some retirees will receive much more and others will receive much less.
What does retirement cost in 2026?
Social Security benefits are not designed to cover a retiree’s entire annual expenses, but to supplement their nest egg or income. That’s why adequate savings, pension income or other income sources are so important for retirement planning — the national average annual spending for those age 65 and older is about $62,000 a year, which is more than most people get in Social Security. However, it should be noted that this is on the high end of the Consumer Expenditures Survey data and generally reflects families (not individual retirees) and often includes high-income retirees and couples.
How long can an average retiree live on Social Security alone in 2026?
Given that the average annual Social Security income ($24,850) is less than half of a retiree’s typical living expenses in 2026 ($62,000 quoted above), a retiree will not be able to live long without another source of income.
A retiree receiving only average Social Security benefits with average annual expenses would have to significantly cut back on his spending and lifestyle to even consider living on benefits alone.