Press Releases | Retirement

News from EPI Soc Sec provides majority of income for most over 65

For Immediate Release: Wednesday, July 20, 2011
Contact: Phoebe Silag or Karen Conner, 202-775-8810

Social Security provides the majority of income for most Americans age 65+

The average annual Social Security retirement benefit in 2009 was $13,406.40, slightly above the $10,289 federal poverty line for individuals age 65 and older, but less than the minimum wage.   Today’s Snapshot illustrates that while modest in size, Social Security benefits comprise a substantial share of household income for most elderly recipients. According to 2008 data, for the poorest 40 percent of 65-and-older households, Social Security payouts constitute more than four-fifths of total income.

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