4 Categories of Individuals Who Shouldn’t Rely Only on Social Security in 2023


Many American seniors receive a significant portion of their retirement income from Social Security, though not each of them does. As per the Social Security Administration, 3.5% of Americans 60 and older never get Social Security benefits. Even a sizable portion of elderly people who are eligible for Social Security retirement benefits cannot rely entirely on those payments to cover their expenses.

This is primarily due to how little Social Security benefits cost in the current economy. Based on the SSA, the average monthly Social Security benefit for retired employees is $1,825 per month. According to the most recent U.S. Bureau of Labor Statistics data, employees in the private sector earn an average per month of $4,400.

As per the Center for Budget and Policy Priorities, Social Security payouts would only replace around 37% of previous earnings for a person who labored for their whole adult life at the average wage and resigned at age 65 in 2022.

  1. Infrequent Workers
  2. Late-Arriving Immigrants
  3. Public-Service Pensioners
  4. Non-Taxpaying Self-Employed Individuals
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