(NewsNation) — The rising cost of living has hit seniors on fixed incomes especially hard in recent years, straining the millions of retirees who depend on Social Security as their main source of income.

Among beneficiaries 65 and older, about 12% of men and 15% of women rely on Social Security to meet 90% of their needs, according to government data.

The program is meant to replace about 40% of past earnings, but roughly 4 in 10 retirees receive more than 50% of their income from Social Security.

A recent AARP survey suggests the number of seniors who depend on the program could grow in the years ahead, with 20% of adults 50+ saying they have no retirement savings.

“Everyday expenses continue to be the top barrier to saving more for retirement, and some older Americans say that they never expect to retire,”  Indira Venkateswaran, AARP Senior Vice President of Research, said in the April report.

What are retirees’ expenses?

In 2022, U.S. households led by someone age 65 or older spent an average of $57,818, up nearly 11% from $52,141 the year prior, according to the Bureau of Labor Statistics (BLS).

Housing was retirees’ biggest expense, averaging $20,362 a year, or $1,697 per month. That aligns with a 2023 Harvard study that found nearly a third of households headed by seniors are considered cost-burdened, meaning they pay more than 30% of their income for housing.

Government data shows transportation ($8,172/year), medical expenses ($7,540/year) and food ($7,306/year) also weighed heavily on seniors’ household budgets.

As of July, the average monthly check for a retired worker was $1,919, or about $23,028 per year.

In other words, some Americans may be able to meet their basic retirement needs with Social Security benefits alone but for many households, it won’t be enough.

For additional context, an individual needs at least $15,060 of income to live above the poverty line. For two-person households, the income level is $20,440.

A recent analysis of Census data by the Center on Budget and Policy Priorities (CBPP) determined Social Security benefits lift more than 16.5 million older adults above the official poverty line, more than any other program.

“Depending on their design, reductions in Social Security benefits could significantly increase poverty, particularly among older adults,” the CBPP report warned.

Research shows Americans are overwhelmingly against cutting benefits to shore up the program, which is set to be insolvent in roughly a decade.

Both Vice President Kamala Harris and former President Donald Trump have vowed to protect the program, though neither has offered many details on their plans.

How to maximize your Social Security benefits

The size of a person’s monthly Social Security check varies significantly depending on how long they worked, how much they made and when they started collecting.

This year the maximum benefit for those collecting at their full retirement age is $3,822 per month. Those retiring at 70 can receive up to $4,873, while retirees claiming early, at 62, top out at $2,710 a month.

You can use the NewsNation Social Security calculator to estimate your monthly benefit.

Research suggests it’s generally better to wait to collect benefits until 70, even though most Americans continue to claim early at 62. That’s because delaying retirement results in an 8% benefit bump for each year you hold off.

On the other hand, taking benefits as early as possible at 62 permanently lowers a retiree’s monthly check by as much as 30%. Spousal benefits also get reduced when a person claims Social Security early.

This year, almost 68 million people will receive a Social Security benefit each month. Most of those checks, about 75%, will go to retired workers.

The good news for seniors is that inflation is slowing down. Last month, annual inflation fell to its lowest level in more than three years. But that means retirees should prepare for a lower cost-of-living adjustment in 2025. The latest estimate from The Senior Citizens League projects next year’s COLA will be 2.57% in 2025 — down from 3.2% this year.

However, next year’s COLA isn’t set in stone because the government uses third-quarter inflation data (July-September) to calculate the bump. The government will make the official announcement in October and any change will show up in your January check.