Many People Rely on Social Security (Alone)
Social Security facts: According to some data released by the Social Security Administration, most elderly beneficiaries got at least 50% of their income from Social Security.
Meanwhile, 21% of married couples and 43% of singles get 90% or more of their income from it! And that is, mind you, not such a big sum.
In fact, the average monthly retirement benefit was of $16,452 per year (or $1,371 per month).
Retire later for more money: Apparently, the elderly who retire at 70 years old can get monthly checks as large as $3,538 – which is pretty decent considering other sums.
