We all know that Social Security is critical for the well-being of people over 65 with low incomes and assets. A new report from the Social Security Administration reveals that Social Security is also critical to the economic and retirement security of nearly 70 percent of middle income people over 65. (Social Security defines the middle class as people in the three middle quintiles of the income distribution, between $28,000 and $109,000 for married couples and between $11,000 to $41,000 for individuals.)
Here’s some eye-opening data:
- Social Security represents more than 50 percent of total retirement income for almost seven in ten middle-class older Americans.
- For nearly 50 percent of middle-class retirees who are married, Social Security represents their chief income source. And, Social Security represents 90 percent or more of the income of more than 10 percent of older married couples.
- For more than 80 percent of single middle-class older Americans–including widows and divorced men and women–Social Security represents their chief income source. And Social Security represents 90 percent or more of the total income of nearly half of them.
According to the Center on Budget and Policy Priorities, Social Security keeps more than four in ten older Americans from falling below the poverty level. Even with Social Security, 9 percent of them are pushed into poverty because benefits are not generous enough to afford them adequate economic security.
If you want Congress to expand Social Security, please sign this petition.
Here’s more from Just Care:
- Social Security: What to know before claiming benefits
- Proposed cuts to Social Security payroll contributions would put Social Security at risk
- House bill to expand Social Security responds to what public wants
- Four things to know if your income is low and you have Medicare
- Free local resources for older adults