How To Get The Most From Social Security
March 23, 2012 by staff
How To Get The Most From Social Security, Most senior citizens have very small retirement incomes. The median income for those age 65 and older was $25,757 in 2010, according to a new Social Security Administration report.
The most common retirement income level is between $15,000 and $19,999 annually, an income range that 12.6 percent of retirees fall into. Here’s where most retirees get their income from, and how much they are getting from each source:
Social Security. Social Security is the most utilized retirement benefit, with 86 percent of people age 65 and older receiving monthly payments, SSA found. Some people delay claiming past age 65 in order to get bigger monthly checks. Almost all seniors who were age 80 and older in 2010 (92 percent) received a Social Security check. The median Social Security payment amount was $15,701 in 2010.
For most people, Social Security is the largest source of retirement income. The majority of retirees (65 percent) get half or more of their income from Social Security. And over a third (36 percent) of people age 65 and older receive at least 90 percent of their income as a monthly Social Security payment.
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