Around 22 million seniors rely on Social Security as their sole source of income, according to a 2025 report by The Senior Citizens League (TSCL), while other data shows roughly 40% of older Americans depend on it for at least half their income, highlighting its critical role in retirement, though benefits alone often fall short of living expenses.
The Senior Survey 2025 also found that 19% depend on Social Security for at least three-quarters of their income and 15% depend on it for between half and three-quarters. Another 18% depend on it for between one-fourth and one-half, while 9% depend on it for less than a quarter of their income.
The population ages 65 and older receive their income from Social Security, pensions and retirement savings, earnings, asset income, public assistance, and other sources. In 2019, nearly 81% of aggregate income of aged individuals came from Social Security, earnings, and pensions and retirement savings.
Most people aged 65 and older receive the majority of their income from Social Security. Without Social Security benefits, 37.3 percent of older adults would have incomes below the official poverty line, all else being equal; with Social Security benefits, only 10.1 percent do. (See Figure 1.)
The most reliable, up-to-date data about older adults who live alone comes from the U.S. Census Bureau. According to its 2023 Current Population Survey, about 28% of people 65 and older live by themselves, including slightly fewer than 6 million men and slightly more than 10 million women.
More than half of the participants still lived at home (34% lived alone, 12% with spouse, 9% with paid caregiver), whereas 8% lived with other relatives, 10% in assisted living, 13% in board and care, and 13% in nursing home.
People can become socially isolated for a variety of reasons, such as getting older or weaker, no longer being the hub of their family, leaving the workplace, the deaths of spouses and friends, or through disability or illness.
Even with the mortgage gone, most retirees can't rely on Social Security to cover their living costs. Benefits alone were enough to cover living expenses in only 10 states, while nationally, the average annual shortfall is about $2,762, or roughly $230 a month.
Bush financed income tax cuts and the Iraq war by plundering money from Social Security.
Surveys have found that the number of Americans without retirement savings is between 20% and 46%. Low-income households are most likely to lack savings, often because of limited access to retirement plans. Older Americans without savings face the highest risk, since they have little time left to catch up.
For a 70-year-old, average retirement savings vary significantly by source, but generally fall between $250,000 and over $600,000 (mean/average), while the median (half have less) is much lower, around $100,000 to $200,000, highlighting a wide gap due to high earners skewing averages. Key figures show the mean for ages 65-74 around $609,000, but the median for that group is closer to $200,000.
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.
However, Ramsey thinks it makes the most sense to claim Social Security as soon as possible because, as he puts, it, "Your retirement payments die when you die...so you might as well take the money and make the most of it while you can."
The $1,000 a month rule is a retirement guideline suggesting you need about $240,000 saved for every $1,000 per month in desired income, based on a 5% annual withdrawal rate (5% of $240k is $12k/year, or $1k/month). It's a simple way to set savings goals, but it doesn't account for inflation, taxes, or other income like Social Security, so it's best used as a starting point, not a complete plan.
What are the best states to retire in for low taxes? States with no income tax — like Florida, Texas, and Wyoming — are often considered tax-friendly for retirees. These states typically don't tax Social Security benefits, pensions, or retirement account withdrawals, though property and sales taxes may still apply.
How Can You Tell When an Elderly Person Can't Live Alone?
“For someone who tends to be more introverted or shy, social media can be an ideal outlet to find friends,” Cormier says. One study found that for older adults, Facebook and similar social networking sites may ease isolation and help them feel like they're part of a larger community.