For most retirees, Social Security provides an indispensable source of income. Based on 22 consecutive years of surveys from national pollster Gallup, anywhere from 80% to 90% of then-current retired workers rely on their monthly check to cover at least some portion of their monthly expenses.

Although Social Security is responsible for reducing the poverty rate for persons aged 65 and over from an estimated 38.7% without the program to 10.2% with guaranteed monthly checks, per the Center on Budget and Policy Priorities, retired-worker benefits are available to any American citizen, regardless of income, who earns the necessary 40 lifetime work credits. This includes current President Joe Biden and his wife, First Lady Dr. Jill Biden.

President Biden delivering remarks. Image source: Official White House Photo by Adam Schultz.

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Source Fool.com