How Social Security Will Supplement Income In Retirement

Right now Social Security payments are a critical component of many retirees’ incomes, representing about half of retirement income for more than half of all married recipients of Social Security. This article provides important information on how much of an average person’s income is replaced by Social Security payments when they go into retirement. The amount of money that a person receives in Social Security payments will depend on many different factors including their work history and how much they earned. Social Security payments are funded from the payroll taxes that current workers’ pay into. There are concerns that as the baby boomers enter into retirement the pool of workers who pay into the Social Security system is going to shrink. Lawmakers are going to have to make major reforms to the Social Security system if they want to sustain it.

See Todd Campbell, How Much of My Income Will Social Security Replace in Retirement?, My San Antonio, February 28, 2016.