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Social Security Fast Facts
Social Security has been around since 1935. Used as a tool to plan for retirement, Social Security has becomes increasingly important the older you get. Below are a few facts that may surprise you:
- 63.2 million people received Social Security benefits in 2013
- 55% of recipients in 2013 were women
- Social Security increases to keep up with inflation
- Almost one-half of elderly could be poor without Social Security
- 36% of elderly rely on Social Security for 90% of their income
- The maximum monthly benefit in 2014 was $2,642