2022 Spending in Retirement Survey: Understanding the Pandemic’s Impact on the Sources of Retirement Income
Similar to 2020, 7 in 10 said Social Security is a major source of income (Figure 8). Annual household income was positively related to reliance on Social Security as a major income source, where 82 percent of retirees with less than $30,000 in annual household income said Social Security is a major income source, as opposed to 45 percent of retirees with greater than $100,000 in annual household income. Additionally, those who are dissatisfied with retirement and those with poor self-reported health status (a score of 1, 2, or 3 on a scale of 1–10) are more likely to rely on Social Security as a major source of income (85 percent and 83 percent, respectively).
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