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Most Social Security recipients earn less than $10,000 annually, with only 10% earning $40,000 or more. The top payments are just over $2,000 per month, and over 60% of retirees have less than $25,000 in assets. Women tend to save less and risk outliving their money.
Nearly 60 percent of people receiving Social Security payments have an annual income of less than $10,000 US dollars (USD), which is nearly $5,000 USD below the poverty line for a family of two. In fact, only about 10% of Social Security payments go to those earning $40,000 USD or more annually, and only 2% of Social Security payments go to people earning $100,000 USD or more annually. ‘year
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Even the top Social Security payments aren’t that many: The top payments are just over $2,000 USD per month, and only 5 percent of retirees raise $2,000 USD or more per month.
The average savings of adults over the age of 50 in the United States is $2,500 USD. More than 60 percent of retirees retire with less than $25,000 USD in assets and depend on Social Security payments or their friends and family for the money.
Women tend to save less for retirement than men. More than a third of women under the age of 40 withdraw 10-30 percent of their savings each year, risking outliving their money.
