Final answer:
Social Security is the primary source of income for older women, acting as a social safety net and providing benefits based on their wage history during working years. It is essential for the financial security of many retirees, especially those who do not have significant private pensions or personal savings.
Step-by-step explanation:
The primary source of income for older women is Social Security. Social Security is a vital social insurance program that provides economic support to retirees, and it is particularly crucial for older women who may have spent years out of the workforce raising families and may not have their own pension benefits or substantial personal savings. It serves as a fundamental social safety net and is especially important for those who have reached the age of 85 and above, as they become more financially vulnerable due to increasing healthcare and long-term care costs while their savings diminish.
The program is designed to offer benefits based on wage history, covering a portion of the income retirees earned while working. While Social Security is not intended to be the sole source of post-retirement income, for many, it comprises a significant part, and for over 30 percent of the aged population, it is the only source of income. Given these factors, Social Security is the predominant source of income for a majority of elderly women, and changes to the program are a source of concern for many.