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Oregon Elderly Rely Heavily on Social Security: Unmarried Elderly Women Most Reliant

Silverton, OR - According to a study, about two-thirds (65 percent) of Oregon elderly - those age 65 or older - rely on Social Security for at least half of their income, and almost one-third of Oregon's elderly (30 percent) rely on Social Security for 90 percent or more of their income. The study was released by the Oregon Center for Public Policy (OCPP) and the Economic Policy Institute (EPI), and contains national data and data for each of the 50 states and the District of Columbia.

"This new data helps inform Oregonians as they discuss proposals to privatize Social Security, and demonstrates that cuts in benefits would have a big impact," said Charles Sheketoff, executive director of the Oregon Center for Public Policy.

"The degree that today's elderly rely on Social Security should give pause to anyone considering whether future Oregon seniors should risk their income security with the fluctuation of the stock market or shoulder cuts to improve the fiscal health of the Social Security system," added Sheketoff.

The study shows that Social Security accounts for about two-thirds (65 percent) of the income for median or "typical" elderly Oregon married couples or individuals who have Social Security income. The typical nonmarried elderly woman recipient relies on Social Security for 81 percent of her income, compared to 63 percent for the typical nonmarried elderly man and 51 percent for the typical elderly couple.

Elderly Oregonians' reliance on Social Security is consistent with national patterns. Nationally, the typical married couple or individual recipient, age 65 or older, relies on Social Security for two-thirds of their income. Almost two-thirds of the elderly rely on Social Security for half of their income and a third rely on it for over 90 percent of their income.

This heavy reliance of the elderly on Social Security income means that replacing the current system's prescribed benefit levels with a system that is susceptible to risks inherent in private stock market investment returns would have a significant impact on the quality of life for those who do not secure the best-performing investments.