Why is Social Security so important?

Social Security works for all Americans, and it has never been more important to our economic security:

  • Sixty-one million depend on Social Security – more than 1 out of every 6 Americans.
  • Just over 3 in 5 seniors depend on Social Security for most of their income.
  • One-third of seniors rely on it for at virtually all (90% or more) of their income.
  • Social Security’s benefits are modest, but vital, averaging around $15,000 per year.
  • Social Security lifts 22.1 million Americans out of poverty. Without it, the poverty rate of our seniors would be nearly 41%; instead it is just under 9%.
  • It is an extremely efficient program, with administrative costs of less than a penny on the dollar.