In May, Social Security’s retired-worker benefit made history by surpassing an average payout of $2,000 for the first time in the program’s storied history. Though this is a relatively modest monthly payout, it has proven vital to helping aging workers make ends meet.
For instance, national pollster Gallup has been surveying retirees annually for 24 years to gauge how important Social Security income is to their financial well-being. Including data from the latest survey, which was just announced, between 80% and 90% of retirees rely on their Social Security check as a “major” or “minor” income source. In other words, Social Security income isn’t a luxury for most aging workers — it’s a veritable necessity.
While on the campaign trail in late July 2024, then-candidate Donald Trump posted an eight-word message to Truth Social that excited the nearly 53 million retired workers who receive a monthly Social Security payout. Said Trump, “Seniors should not pay tax on Social Security.”