Healthcare costs have been a long-standing challenge for US retirees. Estimates show that the average retired couple at 65 could spend north of $300,000 on healthcare expenses in retirement. Meanwhile, the average retirement savings for married couples aged between 65 and 74 is around $609,230. Millions of retirees depend on their monthly Social Security checks to get by, and many receive smaller checks because they claimed benefits too early, primarily due to health or financial issues. While the maximum monthly benefit for retirees claiming Social Security at full retirement age in 2025 is over $4,000, the average monthly benefit was $1,787.08 in October.
The Social Security Administration (SSA) estimated that claiming Social Security benefits at 62 could reduce your monthly income by 30% compared to those claiming at the full retirement age, which is 67 for those born after 1960. As seniors navigate rising living costs, they face an uphill battle since Medicare Part B costs are set to increase by 5.9% next year, exceeding the 3.2% inflation growth this year through October and the annual Social Security income hike of 2.5% for 2025.
