Retirees Get Income From More Than Social Security

Social Security retirement income supplied 30% of Americans’ income at age 65 and older in 2019, according to a federal analysis. Wages, pensions, retirement accounts and income from assets made up the rest for most older adults, though reliance on benefits grew with age.

Where older adults’ income comes from

A 2025 Congressional Research Service report matched tax records with survey responses to estimate how older Americans fund their lives. Across people 65 and older, Social Security made up less than a third of income. Wages were nearly as large a source, while pensions and retirement fund payments together accounted for another 24%.

Asset income includes interest, rental income and earnings from business ownership. These figures are averages across the age group, not a forecast of what any one household will receive.

Social Security retirement income grows with age

Benefits represented 19% of income for adults ages 65 to 69, rising to 40% among those 80 and older. Even at the older ages, Social Security did not become the main income source overall. Some groups, including lower income households and single adults, are more likely to depend on it heavily. The report also identifies Black and Latin Americans among groups with greater reliance.

Quick Facts

• About 19% of Americans 65 and older received at least 90% of their income from Social Security.
• The analysis used 2019 income data.
• About 70% of adults surveyed expected to collect Social Security.
• Another 32% expected it to be their primary income source.

Why household finances differ from the averages

The 19% figure is a reminder that some retirees rely on benefits almost entirely, even though most have other income. The Transamerica Center for Retirement Studies reported last summer that many adults expect Social Security payments, and roughly one in three surveyed expected them to be their main source.

The report’s figures reflect 2019, and the research notes that retirees may understate pension and retirement fund income. Still, other studies have also found that most older adults do not get 90% or more of their income from Social Security.

Planning for a retirement date that changes

Some people plan to work into their 60s but retire earlier because of health problems or other setbacks. Savings and retirement accounts can provide another source of income if work ends sooner than expected. A practical first step is to compare expected benefits with regular expenses, then identify how wages, pensions, retirement funds or assets could fill any gap.

What the revised trust fund date means

The Social Security trustees projected that the program’s main retirement trust fund, OASI, would be depleted in 2033, after which payroll taxes would cover about 77% of scheduled benefits. Following a law enacted in July 2025, the Social Security Administration’s chief actuary moved the estimate to 2032. Americans now rank benefit cuts as their second largest retirement fear, behind the cost of long term care. The estimate is a reason to include uncertainty in a retirement plan, not to assume a specific benefit change.