Most elderly beneficiaries rely on Social Security for the majority of their income. For more than half of elderly beneficiaries, Social Security provides the majority of cash income — and over one-quarter of retirees have little or no other source of income (as you can see below). Dependence on Social Security increases with age, as older people are less likely to work and more likely to have depleted their savings. Among those aged 80 or older, Social Security provides the majority of family income for 64 percent of beneficiaries and nearly all of the income for 33 percent of beneficiaries.
Off the Charts Blog | Center on Budget and Policy Priorities | Blog Archive | Countdown Day 3: Top Ten Facts About Social Security
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