Summary of publication
In 2015, about 60 million people received a Social Security benefit. Social Security is a key source of retirement income for older Americans: almost 22 percent of people age 65 and older live in families that depend on Social Security benefits for 90 percent or more of their income. Another 24 percent receive at least half but less than 90 percent of their family income from Social Security. Reliance on Social Security increases with age, with 30% of persons aged 80 and older depending on Social Security for 90% or more of family income. In 2012, Social Security kept almost a third of older Americans out of poverty.
- Fact Sheet (August 2015)