As of 2022, Americans aged 65 to 74 had a median retirement savings balance of $200,000, according to the Federal Reserve. But many older Americans approach retirement with no savings at all and instead rely on Social Security to cover their senior living expenses.

Its average increases have seemingly kept pace with inflation, but they haven't necessarily kept up quite as well with expenses unique to seniors.

Most older adults rely on Social Security to some extent in retirement. A whopping 88% of current retirees say they depend on their benefits, according to a 2024 poll from Gallup, while 60% of that group say their checks are a major source of income.