OPINION: Do you need Social Security?

In 2020 over 64 million Americans were collecting Social Security.

The National Institute for Retirement Security (NIRS)has reported that Social Security is the only income source for 40 percent of retirees over the age of 60.” (Forbes.com) The study also claimed that only 6.8 percent of retirees receive income from the three-legged stool of Social Security, a defined benefit pension and a defined contribution plan.

Another study conducted by researchers at the Social Security Administration, found that only 19.6 of Americans 65 and over received at least 90% of their total incomes from Social Security. That’s a big difference from the stat provided by the NIRS.

Nevertheless, the point is that for millions of Americans Social Security is either all they have or mostly all they have. Also, there are some government employees who have their own pension system and do not pay into Social Security.

 

 

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