For Immediate Release: August 14, 2018
Contact: Dan Beeton, 202-239-1460
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 family income for roughly 50 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 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.