--- title: Counting on Social Security for Retirement? Read This First description: When retirees are asked about their actual income sources, they report that Social Security only makes up 41% of their monthly income. authors: - name: Liliana Hall role: Reporter url: https://money.com/author/liliana-hall/ bio: Liliana Hall joined Money in 2025. She is an Austin-based reporter for Money, where she covers a range of topics, including financial news, policy, banking, investing, passive income, financial planning and student loan debt. education: University of Texas at Austin at_money_since: 2025 articles: 132 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Shopping - Taxes social: - https://x.com/lilihallllllll - https://www.linkedin.com/in/liliana-hall/ editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2025-09-03T18:51:49.000Z' section: Retirement tags: - News word_count: 577 canonical: https://money.com/social-security-retirement-income/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo-illustration of a social security card and magnifying glass](https://img.money.com/2025/08/News-Workers-Overestimate-Social-Security.jpg) New research shows that many Americans count on Social Security to be a key source of retirement income — but it typically covers less than half of their monthly expenses. In a recent [survey](https://www.mfs.com/content/dam/mfs-enterprise/mfscom/insights/dc-pulse/pdf/mfsb_fly_1135437.pdf), MFS — a global investment management firm — found that 87% of workers expect Social Security to be a source of income in retirement. The survey also determined that 68% say they expect it to make up less than half of their retirement income. Another 21% expect Social Security to account for at least half of their income later in life. However, when retirees are asked about their actual income sources, they report that Social Security makes up about 41% of their monthly income. It's the largest single source of funds for many, but that leaves a majority to come from savings, investments and other sources. The average retired worker currently receives about $1,976 per month from [Social Security](https://money.com/social-security-check-this-month/), according to the Social Security Administration. Meanwhile, the average retired household spends about $5,400 per month, according to the U.S. Bureau of Labor Statistics. That gap highlights why Social Security alone isn’t enough to cover ordinary retirees' monthly expenses. ## Protect your retirement with a Reverse Mortgage ### If you are over 62, a Reverse Mortgage from Longbridge Financial (NMLS# 957935) can help you take care of expenses or even invest in things that will improve your quality of life. Click on your state to learn more. [Learn More](https://money.com/pr/s978d3010185?ap_referrer=%2Fsocial-security-retirement-income%2F) Retirement doesn’t always go according to plan — and sometimes it arrives sooner than expected. Nearly half of retirees tell MFS they left the workforce earlier than they planned, often due to health issues, caregiving responsibilities or job cuts. Just 15% said they had savings when they stopped working. And for those hoping to ease into retirement, options are limited: Only 22% of plan sponsors offer a program that lets employees gradually transition out of the workforce, according to MFS. Working longer might seem like the obvious fix for inadequate savings, but it’s not always realistic. Still, a growing number of people are facing the financial reality that retirement isn't an option anytime soon. An analysis by Asset Preservation found 51% of employed [Americans 65 or older have no plans to retire](https://money.com/no-retirement-plan-work-indefinitely/?xid=moneyrss), citing financial insecurity as a key factor. ## The future of Social Security, at a glance Today’s retirees are already navigating the difference between reality and their expectations, making retirement planning more important than ever. Looking ahead, the future of the federal benefits program adds another layer of uncertainty. According to the Social Security Administration's most recent trustees report, released June 18, the trust fund reserves that help pay benefits are [projected to be depleted](https://money.com/social-security-funds-run-out-2034/) by 2033. At that point, incoming payroll taxes would be enough to cover roughly three-quarters of benefits. All beneficiaries at that time could see nearly a 25% cut unless Congress takes action. That doesn’t mean Social Security will go broke — benefits will still be paid at reduced levels if nothing changes. However, concern about the program’s future is widespread: 80% of workers and 70% of retirees polled in the MFS survey say they fear significant changes to the U.S. retirement system, including the impact the impending benefit reduction will have on their income in retirement. The bottom line? Social Security remains a crucial part of retirement income, but it’s increasingly not enough on its own. Workers need to plan with realistic expectations and prepare for a future where Social Security payments may not stretch as far as they hope. ## With a Reverse Mortgage, you can invest in your future starting today ### Work with a licensed Finance of America (NMLS# 2285) representative today. [Learn More](https://money.com/pr/t879fd448b2c?ap_referrer=%2Fsocial-security-retirement-income%2F) ![](https://s3.consumersadvocate.org/prd/image/image/39553/medium_d01d803f-1110-4310-8997-bada342c27e4.webp) Get the most out of your Reverse Mortgage with Finance of America (NMLS# 2285) [Learn More](https://money.com/pr/ed1a928f8683?ap_referrer=%2Fsocial-security-retirement-income%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/social-security-retirement-income/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/retirement/" }, { "@type": "ListItem", "position": 3, "name": "Social Security", "item": "https://money.com/social-security/" }, { "@type": "ListItem", "position": 4, "name": "Counting on Social Security for Retirement? 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