9 upvotes, 2 direct replies (showing 2)
View submission: Living with no Retirement money
Wow. I didn’t realize the percentage was so high
Comment by birddit at 06/02/2025 at 01:08 UTC
7 upvotes, 2 direct replies
percentage was so high
There are those like me that could either start SS at 62 because of my store closing, or spend down all my IRA, 401K, and savings to put off starting SS until later. The later you start, the more you get(8% more per year.) I managed to wait until 68 and 3 months. I was down to my last $1000 when I started SS. SS is now 100% of my income.
Comment by GeoBrian at 06/02/2025 at 02:43 UTC
6 upvotes, 0 direct replies
It's not. That report was done by the research arm of the defined benefit pension industry. So they have an agenda. Their data came from the "Census Bureau’s Survey of Income and Program Participation."
A previous study performed by the Social Security Admin (using the same data) showed literally half that number, 19.6% relied on Social Security for at least 90% of their income. So half the NIRS number, and a lower bar.
Additionally, another study from two Census Bureau economists, analyzed retirement incomes **using IRS tax records**, which is going to be most accurate. That study found **only 12%** of Americans aged 65+ received 90% or more of their income from Social Security.
It turn out the NIRS study **didn't** include income from interest and dividends outside of retirement accounts (such as IRAs or 401ks).