Woman looking at laptop while seated at desk. – Lee Charlie/Shutterstock
If you’re planning on Social Security benefits in retirement, you’re far from alone. The Social Security Administration (SSA) reported that 71 million Americans received Social Security benefits in January 2026, a slight increase from the average 69 million Americans who received monthly benefits in 2025. However, if you’re hoping to live off of these payments alone throughout your golden years, it’s important to know that this path comes with a lot of difficulties — even if you’ve hit the SSA milestone that makes you eligible for retirement. Although it’s not technically impossible to rely entirely on your benefits to fund living expenses, stretching those dollars to cover housing, groceries, health care, and other routine costs can be a huge challenge. Plus, in most cases, you’ll also still owe taxes.
The reality is that the program was designed to be a helpful safety net and was never intended to be a sole or even primary source of income for retirees. If you do intend to live off of these payments without other forms of income available, it’s likely going to involve making some drastic downgrades to your lifestyle. Rising costs of living in the U.S. are also likely to make budgeting worse. Travel, hobbies, dining out, and even relocating to be closer to family will largely be out of reach. Plus, there’s likely no cushion for emergencies — meaning you may have no choice but to take on a part-time job.
Read more: You’ve Been Warned: Medicare Won’t Cover These 13 Medical Costs For Seniors
An elderly retired couple sitting outside on their porch having tea. – Kzenon/Shutterstock
As of early 2026, the average Social Security retirement check for retired workers is $2,071 a month, per the SSA. However, what you receive could look very different. For instance, if you start collecting benefits early, at age 62, your monthly payment will be smaller than if you wait until age 70, when you could receive upwards of $5,000 a month. Your exact amount will depend on how much you earned over your career, and when you decided to retire and start claiming benefits.
Depending on your current lifestyle, the monthly amounts listed above may sound okay. But consider that $5,000 a month — which is the absolutely maximum benefits amount in 2026 — is only the equivalent of a $60,000 annual salary. If you’re accustomed to living off of higher yearly earnings, you’ll likely need plenty of savings, a solid 401k, and reliable investment income in order to offset your later years in a comfortable way. Another thing to consider is the unpredictable expenses that might exceed your spending plans — such as future health issues, accidents, or even inflation. While 2026’s Social Security rules do include cost of living adjustments (COLA), it’s unwise to count on COLA rates matching your expenses during retirement.
A worried middle-aged woman looking at financial documents. – fizkes/Shutterstock
Another reason to not depend solely on Social Security for retirement is the fact that the program is currently estimated to become insolvent around 2033 — with benefits reductions taking place by 2035. Although the program isn’t likely to vanish entirely, if nothing is done to correct the issue, benefits could be slashed by 23%. To state the obvious, this means you’ll have to live off of even less than expected if you plan to rely entirely on these benefits in the coming decade.
Of course, Social Security has been a hot topic for decades, with concerns getting increasingly heated ever since warnings of the program’s potential insolvency spurred quick-fix reforms in the 1980s. While some states could be making major changes to Social Security to try to help future retirees, depending on where you are in your retirement plans, you may not have time to wait. Whether you have decades of work left ahead of you or just months, it could be worth setting aside more of your current income for retirement than you originally planned — and looking into other income stream options.
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