Yes, It’s True: Older People Depend on Social Security

Mar 26, 2018 / Amanda Chase, Horsesmouth Assistant Editor

Three researchers from the Social Security Administration have produced a comprehensive study that clarifies the role of Social Security by drawing data from three separate household surveys. The results from all three surveys are remarkably similar.

  • Just over 50% of 65+ households relied on Social Security for at least 50% of their income in 2012 and 2014
  • 20-25% of 65+ households relied on Social Security for at least 90% of their income in the same time period
  • Even among higher income households, Social Security played an important role (providing at least 50% of income)—63% of households in the third income quintile, 25% in the fourth, and 2% in the fifth and highest quintile

Social Security is a very important source of retirement income and that needs to be recognized in any debate about the program’s future. To see the full MarketWatch article, click here.

 

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