Final answer:
It is true that over 90% of the elderly receive Social Security benefits, which is essential for the financial well-being of many retirees. It also plays a crucial role in reducing elderly poverty and has become the primary source of income for a considerable portion of the aged population.
Step-by-step explanation:
Over 90% of elderly people receive some Social Security benefits is indeed true. According to the Social Security Administration, a significant majority of retired workers, approximately 46 million, are beneficiaries of Social Security. This number translates to about 90 percent of the retired population. Social Security is vital as many retirees, between 12 percent and 40 percent, depend on it for their entire income. Moreover, Social Security is credited with significantly reducing the rate of elderly poverty.
As people age, especially once they reach the age of 85, they become more financially vulnerable due to increasing health care and long-term care costs amidst depleting savings. Also, over 30 percent of the aged have Social Security as their sole source of income, which showcases its importance in ensuring economic survival. Furthermore, it's important to note that benefits are designed to replace about 42% of an individual's previous wages, which means it ideally supplements other retirement savings or income.