STOCK MARKET WATCH -- Thursday, 20 August 2015

[Demeter]

16. For Most Seniors, Social Security Is Their Biggest Source of Income

http://www.thefiscaltimes.com/2015/08/19/Most-Seniors-Social-Security-Their-Biggest-Source-Income

The 80-year-old Social Security program has long been known as the third rail of American politics -- touch it and you die. Last year alone, more than 59 million Americans received retirement, disability and survivor’s benefits totaling $863 billion. While some lawmakers and policy experts warn that the system will begin to run short of cash beginning in 2035, seniors’ advocacy groups have vigorously fought major changes and cuts.

Some nine out of ten people who are 65 or older receive Social Security benefits, according to the Social Security Administration, with an average monthly benefit of $1,294 average for retirees. Overall, Social Security benefits constitute about 38 percent of the income of the elderly, but that number varies greatly from individual to individual.

For the majority of seniors, Social Security makes up the majority of their income. Sixty-five percent of beneficiaries age 65 and older get more than half of their income from the program. Nearly a third (28%) rely on Social Security for 90 percent or more of their income. The pie chart below, prepared by the staff of the congressional Joint Economic Committee, illustrates the range of seniors’ dependence on Social Security benefits: