Here's the Average Social Security Retired-Worker Benefit Right Now
For more than eight decades, Social Security has been providing a financial foundation for those who could no longer do so for themselves.
Based on recently updated estimates from the Center on Budget and Policy Priorities, America's top retirement program is pulling 22.7 million people above the federal poverty line annually. This includes 16.5 million adults aged 65 and above. Without the guaranteed monthly payout provided by Social Security, the elderly poverty rate would nearly quadruple to 39% from 10.2% (as of 2022).
It's also a program that's vital in helping retired workers make ends meet. For more than 20 years, national pollster Gallup has been conducting annual surveys of retirees to gauge their reliance on Social Security income. Between 80% and 90% of respondents have consistently noted that their benefits account for a "major" or "minor" source of income.
Source Fool.com
