Question

What are the facts of Social Security and Older Adults

Answer 1

Ans) Social Security provides the majority of income to most elderly Americans. For about half of seniors, it provides at least 50 percent of their income, and for about 1 in 4 seniors, it provides at least 90 percent of income, across multiple surveys and the recent study that matches survey and administrative data.

- At present, the average retiree gets $1,422 a month in Social Security benefits. But because recipients will be getting a 2.8% cost-of-living adjustment (COLA) next year, that figure will rise to $1,461 a month. This means that the average senior will get $17,532 in benefits for the year.

- Social Security benefits significantly reduce poverty among seniors. The median income for elderly households is currently below $18,000, even after including Social Security benefits. For middle-income retirees, Social Security benefits provide 66% of all income.