For Immediate Release: Wednesday, July 20, 2011
Contact: Phoebe Silag or Karen Conner, email@example.com 202-775-8810
Social Security provides the majority of income for most Americans age 65+
The average annual Social Security retirement benefit in 2009 was $13,406.40, slightly above the $10,289 federal poverty line for individuals age 65 and older, but less than the minimum wage. Today’s Snapshot illustrates that while modest in size, Social Security benefits comprise a substantial share of household income for most elderly recipients. According to 2008 data, for the poorest 40 percent of 65-and-older households, Social Security payouts constitute more than four-fifths of total income.