Social Security Makes Up Majority of Retirement Income for Many

Washington, DC — Social Security provides the majority of retirement income for about half of all Americans and a much greater proportion for many. In particular, people of color, women, and people at the lower ends of the income distribution rely on Social Security more than other groups, CEPR policy analyst Alan Barber notes today in a CEPR Blog post.

“Social Security benefits account for half of the family income for 50 (54) percent of those over the age of 65,” Barber writes. “The percentage rises to 70 percent for blacks and Hispanics. Benefits are roughly 90 percent of income for one in four (31 percent) of those 65 or older.”

On Social Security’s 83rd anniversary, Barber’s blog post provides an important reminder of how important the program is to so many Americans.