Their numbers, according to Biggs, are actually much smaller, based on data from the Census Bureau. "The share of people who only have Social Security is a lot smaller than you think it is," Biggs said. "It's not 40%. It's 12%."
The Bottom Line. Living on Social Security alone is far from ideal. If you've still got time before you retire, consider looking for ways to build up your savings. Start by chipping in as much as you can to your employer's retirement plan, if you have one, especially if your employer offers a matching contribution.
A Social Security spousal rule that was around for decades ended this year for the last eligible retirees — those who turned 70 on Jan. 1, 2024. The rule allowed recipients to switch between their benefits and their spouses' to receive the maximum amount.
If you have to live off Social Security, you need to keep your expenses as low as possible. If you own a home, it should be paid off. If not, rent a room in someone's home to keep rent as low as possible, or rent out rooms in your house. Use the heat and air conditioning as minimally as you can stand it.
Has your income declined or have you experienced a loss of financial resources? You may be able to get additional income through the Supplemental Security Income program, which helps seniors and the disabled who have limited income and financial resources.
If you've worked and paid taxes into the Social Security system for at least 10 years and have earned a minimum of 40 work credits, you can collect your own benefits as early as age 62.
Spouses and ex-spouses
Payments start at 71.5% of your spouse's benefit and increase the longer you wait to apply. For example, you might get: Over 75% at age 61.
Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
Two-Thirds of Seniors Rely on Social Security for More Than Half Their Income. A survey conducted by The Senior Citizens League, a non-profit that advocates for increased Social Security benefits, found that 27 percent of older Americans rely solely on Social Security for their income.
Living alone at 70 and beyond can be difficult. Daily tasks become harder, and oftentimes, elders are afraid to ask for help. While some seniors might have friends and family nearby, others living alone don't have people they are comfortable asking to help them with: Meals.
Roughly one in seven Social Security recipients ages 65 and older depend on their benefits for nearly all their income, according to an AARP analysis. Unable to maintain the lifestyle of their working years, they trim their already trim budgets, move into smaller homes, or rely on the kindness of relatives to get by.
Social Security has many different programs and types of benefits, including retirement, disability and survivor's benefits. Although many of the programs base benefit amounts and eligibility to work history, there are some instances where a person who has never worked can collect benefits.
The average household retirement income in the United States is $27,617, according to an analysis by Wisevoter of data from the U.S. Census Bureau's American Community Survey. However, depending on where you live, your local average may be much higher or lower.
If your spouse dies, do you get both Social Security benefits? You cannot claim your deceased spouse's benefits in addition to your own retirement benefits. Social Security only will pay one—survivor or retirement. If you qualify for both survivor and retirement benefits, you will receive whichever amount is higher.
Resource limits could also impact your Social Security
If you exceed that limit, you need to spend down your resources to be eligible. According to a recent study by the Center on Budget and Policy Priorities, 70,000 beneficiaries on average lose their benefits each year because they exceed the limit.
The $22,924 Social Security bonus most retirees completely overlook. If you're like most Americans, you're a few years (or more) behind on your retirement savings.
To qualify to get $144 added back to your Social Security check, you can enroll in a Medicare Advantage plan that offers a Part B premium reduction or giveback benefit.
Each survivor benefit can be up to 100% of your benefit. The amount may be reduced if the women start benefits before their own full retirement age, but they don't have to share — the amount isn't reduced because you've had more than one spouse.
A spouse who has never worked in paid jobs or has not worked to earn sufficient credits to be eligible for his/her own retired worker benefits can receive a spousal benefit that is 50 percent of the eligible worker's full benefit.
The $1,000 per month rule is designed to help you estimate the amount of savings required to generate a steady monthly income during retirement. According to this rule, for every $240,000 you save, you can withdraw $1,000 per month if you stick to a 5% annual withdrawal rate.
Those facing financial emergencies, such as a layoff or debt, may benefit from accessing Social Security early. If you retire early and need extra income, Social Security benefits can provide supplemental funds to support your new lifestyle, hobbies or retirement activities.