Social Security is important to seniors 65 and over as evident in some recent stats put together by AARP.
In fact according to the latest figures, Social Security is the only source of income for three in ten Arizonans 65 plus and lifts more than one third of them in our state out of poverty. It’s estimated that about 28% of Arizona’s 65+ population would have incomes below the poverty line if they did not receive Social Security.
See Also: 2011 Social Security State Quick Fact Sheets
“During tough economic times, Social Security is a lifeline for seniors on fixed incomes. Food and gasoline prices are up and many Arizonans are out of work,” said Cynthia Fagyas, AARP Arizona Communications Director. “In 2012, seniors will receive their first Social Security increase in nearly three years. This will help many to continue to make ends meet.”
But seniors are not the only ones that benefit from Social Security. Also families, when a worker retires, dies or becomes disabled receive Social Security.
As of 2010, over 52 million Americans receive Social Security benefits, over one million of which live in Arizona.
Social Security is also important to Arizona’s economy. In 2009, residents received over $13 billion from the program. The average yearly benefit for an Arizona retiree was $14,017 or about $1168 a month.
Arizona is a Sun Belt state. It’s expected that seniors over 65 will encompass 22% of our state’s population by 2030, making Social Security an even more important benefit for retirees in Arizona.