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How Wealthy Are Recipients of Social Security Payments?

Almost 60 percent of people receiving Social Security payments have an annual income of less than $10,000 US Dollars (USD), which is almost $5,000 USD less than the poverty threshold for a two-person household. In fact, only about 10 percent of Social Security payments go to those who make $40,000 USD a year or more, and only 2 percent of Social Security payments go to people who have an income of $100,000 USD or more a year

More facts about Social Security payments:

  • Even the top Social Security payments aren't so much — the top payments are a little more than $2,000 USD a month, and only 5 percent of retirees collect $2,000 USD or more a month.

  • The average savings of adults over the age of 50 in the U.S. is $2,500 USD. More than 60 percent of retirees retire with less than $25,000 USD in assets, and they depend on Social Security payments or their friends and relatives for money.

  • Women tend to save less for retirement than men. More than one-third of women younger than 40 years old withdraw 10-30 percent of their savings annually, leaving them prone to outliving their money.

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More Info: www.census.gov, www.mint.com/blog, www.ssa.gov

Discuss this Article

anon180950
Post 1

This is a question, not a comment. Is the U.S. about to reduce Social Security payments for senior citizens in order to help achieve a balanced federal budget? Among "financial advisors" on the internet there has been considerable allusion to the possibility.

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