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SOCIAL SECURITY – THE MAJORITY OF INCOME FOR MOST SENIORS

Jul 26, 2011, 9:35 a.m.

According to the Economic Policy Institute, the average annual Social Security retirement benefit was $13,406.40, slightly above the $10,289 federal poverty line for individuals age 65 and older, but less than the minimum wage.

While modest in size, Social Security benefits comprise a substantial share of household income for most elderly recipients. According to data, for the poorest 40 percent of 65-and-older households, Social Security payouts constitute more than four-fifths of total income.

The Economic Policy Institute (EPI) is an independent, nonprofit, nonpartisan research institute – or “think tank” – that researches the impact of economic trends and policies on working people in the United States and around the world.