Question

Which of the following is the largest source of income for people over age 65 in the U.S. today?

1) Social Security
2) Pensions
3) Savings and investments
4) Part-time work

Answer 1

Social Security is the largest source of income for people over age 65 in the U.S., offering vital financial support to millions of retirees.

Step-by-step explanation:

The largest source of income for people over age 65 in the U.S. today is Social Security. Social Security provides benefits to over 48 million Americans and is crucial for economic survival for many elderly individuals. It represents the main source or the only source of income for a significant portion of this age group. While other sources like pensions, savings and investments, and part-time work contribute to retirees' income, none surpass the widespread impact of Social Security. The program is anticipated to face challenges due to the increasing number of elderly Americans and the associated rise in expenditures on Social Security, Medicare, and Medicaid.