Social Security is at Least Half of Income for Most 65+

Most Americans aged 65 or older depend on Social Security for at least 50 percent of household income, according to an analysis of 2015 Current Population Survey data in Social Security Bulletin. Here are the percentages by demographic characteristic...

• By age: Social Security accounts for at least half of household income for 51.8% of people aged 65 or older, including 61.4% of people aged 80 or older.
• By sex: Social Security accounts for at least half of household income for 55.2% of women aged 65 or older and 47.5% of men in the age group.
• By race and Hispanic origin:  Social Security accounts for at least half of household income for 51.5% of Hispanics, 51.8% of non-Hispanic Whites, and 56.9% of Blacks aged 65 or older.
• By educational attainment:  Social Security accounts for at least half of household income for 57.9% of high school graduates aged 65 or older. Among college graduates in the age group, a smaller 34.9% depend on Social Security for at least half of household income.
• By income quintile: Social Security accounts for at least half of household income for 86.6% of people aged 65 or older in the lowest income quintile, 82.3% of those in the second income quintile, and 62.7% of those in the third income quintile. Among those in the fourth income quintile, the figure is a smaller 24.8%. Among those in the highest income quintile, just 2.2% depend on Social Security for at least half of their household income.

Source: Social Security Administration, Social Security Bulletin, The Importance of Social Security Benefits to the Income of the Aged Population