Money from programs like Social Security accounted for 18% of total personal income in 2022.
A growing share of income in most US counties is coming from social safety net programs like SNAP, Social Security, and Medicaid, per a report published in September by the research firm Economic Innovation Group.
One in six people in 2022 were over the age of 65 — compared to one in 10 in 1970 — and just over half of the national transfer income flows from Medicare and Social Security.
The report's findings come as Business Insider has spoken with many retirees — who are living solely on Social Security income because they don't have savings or retirement investments — who say they are struggling to afford basic necessities.
"I don't want to be rich, I just need to be comfortable," a baby boomer living on $1,104 monthly in Social Security previously told BI.
Persons:
That's, —, ALICE, EIG
Organizations:
Social, Service, —, SNAP, Social Security, Economic Innovation Group, Government, United Way's United, allisonkelly
Locations:
—, Louisiana