What seniors actually earn
According to Census ACS data, the median household income for Americans 65 and older is approximately $84,438. But there's enormous variation by state and household type. Married-couple senior households earn significantly more than single seniors — particularly single women, who face the highest poverty rates among older Americans.
Social Security basics
You can start receiving Social Security as early as age 62, but your monthly benefit is permanently reduced. Waiting until full retirement age (67 for anyone born in 1960 or later) gives you 100% of your benefit. Delaying until 70 increases your benefit by 8% per year beyond full retirement age.
The average Social Security retirement benefit in 2026 is approximately $1,907 per month. The maximum benefit for someone retiring at full retirement age is $3,822 per month.
Tax planning for retirees
Up to 85% of your Social Security benefits may be taxable depending on your combined income. Required Minimum Distributions (RMDs) from traditional IRAs and 401(k)s must begin at age 73 (as of 2024). Roth IRAs have no RMDs during the owner's lifetime.