An estimated 31.8 million seniors get by on less than $2,000 a month, and Social Security provides 100% of income for 21.8 million American seniors, according to a new study released Monday by The Senior Citizens League.
“With nearly three-quarters of seniors depending on Social Security for at least half their income, any cuts to the program or reductions in benefits would push millions of hard-working Americans further into poverty.”
TSCL’s Shannon Benton
TSCL surveyed thousands of American seniors over the age of 62 who were eligible for their Social Security benefits for the Senior Survey 2025 and found that nearly three-quarters of seniors (73%) depend on Social Security for more than half their income, and about 39% depend on the program for the entirety of their income.
The estimate of that equating to 21.8 million seniors comes from applying the percentage figures to the broad U.S. senior population—estimated at nearly 56 million by the 2020 Decennial Census. TSCL notes that in 2025, even more seniors rely solely on Social Security as the Census Bureau finds the U.S. senior population continues to grow.
The Senior Survey 2025 also found that 19% depend on Social Security for at least three-quarters of their income and 15% depend on it for between half and three-quarters. Another 18% depend on it for between one-fourth and one-half, while 9% depend on it for less than a quarter of their income.
“Cutting Social Security benefits simply isn’t an option. With nearly three-quarters of seniors depending on Social Security for at least half their income, any cuts to the program or reductions in benefits would push millions of hard-working Americans further into poverty, robbing them of their right to retire with dignity,” said TSCL Executive Director Shannon Benton.
The Senior Survey 2025 notes that the median U.S. senior lives on between $1,000 and $2,000 per month, according to the Census Bureau. About 13% live on less than $1,000 per month while 44% live on between $1,000 and $2,000 per month. About 21% live on between $2,000 and $3,000 per month, and another 22% on $3,000 or more.
TSCL estimates that approximately 7.3 million American seniors survive on less than $1,000 per month—well below the $15,650 per year that marks the 2025 federal poverty line for a household of one.
Seniors dissatisfied with benefits
The new study found most seniors are frustrated with their Social Security benefits. Almost two-thirds of seniors who completed the survey said they were dissatisfied with the amount they receive from their monthly benefit checks, while 94% felt the 2025 COLA of 2.5% was too low and that their benefits grow more slowly than inflation.
When TSCL asked seniors how much they thought inflation was in 2024 based on their economic experiences, 80% thought inflation was 3% or higher.
“The data in this study shows what seniors have been telling TSCL for years: Social Security checks aren’t keeping up with inflation,” Benton said. “If four in five seniors think inflation was higher than the government reported in 2024, maybe we should stop questioning their experiences and start questioning why the COLA is failing to measure them.”
Nearly all seniors said they want to see reforms in Social Security’s COLA calculation. When TSCL asked seniors whether they would support any of three different policies to raise future COLAs, 96% were in favor of at least one. The most popular option, supported by 68% of seniors, was calculating the COLA with an inflation index that better represents seniors’ economic experiences. The government currently calculates the COLA with the Consumer Price Index for Urban Wage Earners (CPI-W), but TSCL advocates switching to the Consumer Price Index for the Elderly (CPI-E).
Reforms need to be a priority
Nearly all survey respondents (95%) said reforming Social Security and Medicare should be a top priority for the federal government.
“Seniors also want to fund stronger COLAs and benefits for future generations by cutting loopholes in the Social Security payroll tax,” Benton said. “The data show their favorite method for doing so [supported by 50% of respondents] is eliminating the limit on earnings subject to Social Security payroll taxes, which is currently just a loophole that lets wealthy Americans pay less than their fair share into the program.”
The current Social Security tax cap for the year 2025, is $176,100, meaning any income earned above this cap is not subject to Social Security tax. The Social Security tax rate for employees is 6.2%, and employers pay a matching 6.2%, for a total of 12.4%.
According to the Social Security Trustees (as cited by the Peter G. Peterson Foundation), eliminating the Social Security tax cap while providing benefit credit for those earnings would raise an additional $3.2 trillion over 10 years—or close 53% of the trust fund’s 75-year funding gap.
SEE ALSO:
• Latest 2026 Social Security COLA Forecasts Match 2025’s Increase
• Social Security Payments Set to Hit Major Milestone in June
• Social Security Solvency Clock Ticking as Wait Drags On for 2025 Trustees Report
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.