What percentage of seniors have Social Security payments as their only income?

[bobbieinok]

They will soon starve to death if the payments stop!

[Ohiogal]

1. Aren't many of these SS-only seniors

Trump supporters?

I just don’t get it.

[blueinredohio]

4. They're convinced it's fake news.

[WhiteTara]

9. they're convinced that

it will hurt "the right people" not them.

[blueinredohio]

13. Like people who were all for deportation?

Then couldn't believe it when it happened to their so?

[WhiteTara]

25. Exactly.

[Mariana]

20. They don't believe their payments will ever be affected.

There's no way to convince them otherwise.

[KentuckyWoman]

33. I don't see that to be true

It's pretty consistent around here. Whether low income or good income in this neck of the woods, the ones who tend to go Republican will indeed do so down ticket - but not for Trump. They've mostly all had it. Maybe 1 exception in this entire community of over 1000 seniors.

It doesn't mean they'll actively vote Biden, but I don't see many of them supporting Trump. Anectodal, non scientific.

I can't really say beyond that - the Covid "safer at home" for people like me means all the event at the local senior center are cancelled.

[drray23]

2. quoting from ssa website :

Using data from the Current Population Survey ( CPS ), SSA estimates that in 2014, about 84 percent of people aged 65 or older received Social Security benefits; and among those in the bottom 40 percent of the income distribution, benefits accounted for an average of around 84 percent of total income ( SSA 2016b).

[Wellstone ruled]

19. Spot on.

[Newest Reality]

3. Here is a chart, state by state:

It is from several years ago, but there should be updated stats available.



https://www.aarp.org/ppi/info-2015/people-aged-65-and-older-who-rely-on-social-security-for-90-percent-of-family-income-and-average-monthly-benefit-by-state.html

[drray23]

5. very good info.

so basically a full quarter of us senior households.
it would be devastating.

[Newest Reality]

8. Yes,

Plus, it will also impact those who have other means, of course. It all depends on their net income and many who are not totally dependent on SS may be still be on a fixed income. It would be a cut.

That means harder times and more insecurity and uncertainty for some people are not in that that percentile, as well.

Another issue here is that the people who are collecting retirement benefits are ENTITLED to that as we all know. They paid into it and rightfully deserve a return. That's an important contention.

They shouldn't treat this like some form of handout.

In fact, the income cap should be raised immediately, IMHO. Let those doing well pay more into the system to support and strengthen it.

[sinkingfeeling]

6. Hurray, Arkansas wins with the most dependent on SS income.

Guess that's why they voted overwhelmingly for MF45.

[redstatebluegirl]

17. Look how high it is in the red states like Tennessee and Georgia.

[SharonClark]

29. Thank you for posting the chart.

I honestly thought it would be higher in some states.

[katmondoo]

7. I am on SS as my only income. At age 90 I cannot get a job. Life is already hard, without SS I will

die.

[lostnfound]

15. No you won't. Write to your friends at DU and we will flood you with help and love.

Be sad for the country, sure. But don’t be scared of anything. You have a community to turn to.

[redstatebluegirl]

18. This is so true, please know we all are here to help.

[llashram]

26. this

hopefully, we can help you live out your life fully. I'm 70ish and frightened of this clown PINO myself. But we as caring Americans will muddle through.

[justhanginon]

10. So, if the average SS payment is $1308 and

if some recipients depend on it for 84% of their income and they lose it ($1098) they are left with $210 per month to live on.
I think I figured that right but it is early and I am old so you math folks might want to check.

[Gidney N Cloyd]

31. $249, I think.

The way I'd figure it is if the avg SS pmt is $1,308 and that's 84% of a person's total income then their total income is about $1,557, meaning they're drawing about $249 a month from some non-SS source.

[justhanginon]

32. Thanks. Yep, I sit corrected. Still not much to live on.

$500.00 a month doesn't go far and even their non SS source could easily dry up in this economy.

[ProfessorGAC]

11. It's Quite High

For 25% of seniors, SS is 90% or more of total income.

In addition, (Fact 6 at the link) 4 in 10 recipients would slip below the poverty line without those payments.

Fact #7: Most elderly beneficiaries rely on Social Security for the majority of their income.
Social Security provides the majority of income to most elderly Americans. For about half of seniors, it provides at least 50 percent of their income, and for about 1 in 4 seniors, it provides at least 90 percent of income, across multiple surveys and the study that matches survey and administrative data.

https://www.cbpp.org/research/social-security/policy-basics-top-ten-facts-about-social-security

[Hoyt]

12. The payments aren't going to stop. But, as it stands right now, around 2030 there will be

an automatic cut of 23%, or so, unless someone does something. Obama tried, and got crucified. We better win in November.

[lostnfound]

16. If trump is able to defer the payroll tax, it runs out in 2023. Nt

[totodeinhere]

28. I probably will not live to see that day. But as popular as SS is, I can't imagine that

something like that would be allowed to happen.

[onethatcares]

14. I just sent this to part of my address book

Even if you don't receive this benefit you know someone that does and you should be very aware that if Payroll Taxes are eliminated, so will Social Security and Medicare.

It's not funny, it's not right and it is down right cruel to take what we've worked with the past 70 years and give another tax cut to the wealthiest in the nation. Exactly how many billions of dollars does one need to be satisfied?? How many billions, or even millions of dollars do you have?

I don't write this because I hate "Wealth", I write this because there will be many who lose all they have worked for their entire lives in short order.

Stand up and Speak out. It is your life in the balance.



Critique is appreciated and I am not finished yet.

[Zoonart]

24. Not just cruel, UNAMERICAN.

It makes everything that we worked for all of our lives and all of the trust we have given to our Government a total LIE.
If they will take everything we have worked and saved for away... what DO we need them for?
The Republican Party is destroying the Republic. The MSM finds it entertaining.

[sarcasmo]

21. 40 percent. From the National Institute of Retirement Security.

https://www.nirsonline.org/2020/01/new-report-40-of-older-americans-rely-solely-on-social-security-for-retirement-income/

[SamKnause]

22. Me.

[Wellstone ruled]

23. Folks,and those who

are receiving monthly stipends from their IRA's and 401's are a diminishing group. And with this Pandemic ruling daily lives,the new SS Recipients are going to be more dependent on it as their only source of income.

The Trump Recession is hurting our nation worse than the Great Depreciation of 1929. And the recovery will be a decade away.

[totodeinhere]

27. I have heard that benefits might be reduced, and we should oppose that.

But I think it's fear mongering to suggest that payments might stop outright.

[qwlauren35]

30. Here's Snopes

https://www.snopes.com/fact-check/trump-terminate-social-security/

What's True
On Aug. 8, 2020, U.S. President Donald Trump said he intended to "terminate the tax," referring to Social Security and Medicare payroll taxes. It's a step that would — if taken in isolation — remove nearly 90% of funding for Social Security benefits, and thus likely pose a threat to the continued existence of those programs.

What's False
In the same remarks, Trump also articulated different and conflicting plans for payroll taxes, saying variously that he would forgive four months' worth of deferred payroll tax obligations, that he would extend the deferral of payroll tax obligations, and that he would permanently "cut" payroll taxes.

What's Undetermined
It's unknown whether Trump had a plan to replace the shortfall in Social Security funding in the event that he eliminated payroll taxes.

[totodeinhere]

34. It's simple. That would require legislation and the Democrats in Congress will never go for it.

n/t