How many Americans depend on social security for their entire income?
How many Americans depend on social security for their entire income?

How many Americans depend on social security for their entire income?

Social security is one program intended to help elderly and retired Americans with their income, although it is not necessarily intended to provide all of their income. But for some older Americans, it does just that.

Citing data from the Social Security Administration, CNBC reported this week that about 12 percent of men and 15 percent of women “trust their monthly social security checks for almost all of their income,” with “almost all” defined as 90 percent or more.

While the increase in the cost of living for social security this year was 6.2 percent, the biggest gain since the early 1980s, inflation has taken a bite of that difference.

“People are really starting to feel the impact of inflation, especially on everyday things,” Kristen Holt, president and CEO of GreenPath Financial Wellness, told CNBC. “And it puts a lot of pressure on people who live on a fixed income.”

The news media also reported on help available to seniors who are eligible for social security but who have no other income or savings available to them at that point in their lives.

These include the Supplemental Nutrition Assistance Program (SNAP), Department of Agriculture’s Commodity Supplemental Food Programand various programs designed to help with medical expenses, such as the Medicare Savings Program and Medicare Part D.

The future of social security

But for those who are not yet eligible for social security and will not be for a while, will the program be there for them when it’s time? Recent studies have shown this many Americans do not confident that social security will still be solvent enough to provide them with their benefits when it is time for them to collect them.

The latest Report from the Social Security Trusteespublished in August 2021, found that Social Security will only be able to pay full benefits until 2033 under the current models, where the models must be reduced from 2024. This is one year earlier than former projected.

That could change Congress should take action at some point in the intervening years to raise taxes, cut benefits or otherwise change the funding model.

The issue does not appear to have penetrated politics in any major way. Neither the president nor the leaders of Congress has talked a lot about it, and there is not much to suggest that the future of social security will play any major role in this year’s midterm elections or in the next presidential election.

Dog Politico reported last week that Senator Joe Manchin (D-WV) said he supports raising the ceiling on the amount of taxed income to fund social security to $ 400,000.

“You can raise it to $ 400,000 from one day to the next … I have the will to do it, that’s all I can tell you because I have grandchildren. Ten grandchildren. We have future generations who are dependent on us doing the right thing I am also willing to do a lot of good things in the climate field. told the senator a West Virginia news outlet, Politico reported.

Stephen Silver, a technology writer for The National Interest, is a journalist, essayist and film critic who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and splice today . Co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver.

Image: Reuters.

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