How Dependent are We on Social Security?
Social Security is a major income source for retirees. But how much do older Americans rely on these benefits? It’s something Gallup asks each year and the findings might surprise you!
When non-retirees were asked how much they expect to rely on Social Security, 35 percent said it would be a major source of income, 48 percent said it would be a minor source, and 13 percent said it would not be a source at all.
However, when retirees were asked the same question, 60 percent said Social Security is a major source of income, 28 percent said it’s a minor source, and 11 percent said it’s not a source at all.
Once you see how pessimistic non-retirees seem to be about Social Security, it’s easy to understand why 43 percent of people polled say they worry a great deal about Social Security, 24 percent worry a fair amount, 20 percent worry a little, and only 12 percent say they don’t worry at all.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.
