Older Americans Rely on Social Security for Majority of Retirement Income

Older Americans Rely on Social Security for Majority of Retirement Income

Americans 65 years of age and older depend mostly on Social Security for income, with about half of them living in households that receive at least 50 percent of their income from Social Security benefits, according to new research.

One-quarter live in households that receive at least 90 percent of their income from Social Security. The study analyzed three different surveys -- the Health and Retirement Study, Survey of Income and Program Participation and Current Population Survey.

The study says the findings suggest that despite the increased popularity of retirement accounts, the importance of Social Security benefits for older people has not changed.

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