Social Security Is the Only Reason Most Americans Can Afford to Retire

By Ross Eisenbrey | August 14, 2013

As we celebrate the 78^th birthday of Social Security today, it’s worth noting the vital role the program continues to play in Americans’ retirement security. Though Americans are increasingly turning to savings in 401(k)-type accounts, Social Security remains the most reliable and equitable system of retirement savings. The expected stream of Social Security benefits for a household at the median is not very much less than for a household in the top 10 percent—in 2008, the median household age 65-69 had $315,300 of Social Security wealth, while a household at the 90^th percentile had $643,100, a little more than twice as much.¹