The Elder Index, developed by the Gerontology Institute at the University of Massachusetts Boston, provides a detailed measure of the income older adults need to meet basic living expenses, including housing, health care, food, transportation, and other essentials. This index varies based on household size, location, housing status, and health condition.
In 2024, the average monthly Social Security benefit for retired workers is approximately $1,920.48, equating to about $23,045.76 annually.
Below is a table comparing the average annual Social Security benefit to the Elder Index’s estimated annual expenses for a single older adult in good health across three housing categories:
Note: The above figures are illustrative estimates. Actual expenses and Social Security coverage percentages vary by state and individual circumstances.
This comparison highlights that in many states, the average Social Security benefit may not fully cover the basic living expenses for older adults, especially those with housing costs like mortgages or rent. This underscores the importance of additional income sources or assistance programs to ensure economic security for seniors.
For more detailed and specific information, you can explore the Elder Index directly at elderindex.org.
-Phan Trần Hương-