Social Security is America's largest retirement plan, by far. Almost nine out of 10 Americans age 65 or older receive Social Security, and for most retirees, Social Security is a crucial source of income that helps provide stability and financial freedom. Here's what Social Security means to your retirement, how much you can expect to get, and whether you should worry about Social Security's future or not.

Social Security will likely be a major source of your retirement income

Social Security makes up 34% of the average beneficiary's income in retirement, according to data from the Social Security Administration. Forty-eight percent of married couples and 71% of single retirees rely on Social Security for at least half of their income, and millions depend on it for substantially all of their income. In a nutshell, whether you've saved well for retirement or not, your Social Security benefits will likely be a substantial source of your retirement income.

Experts generally suggest that in order to maintain quality of life after retirement, the average American will need about 80% of their pre-retirement income. Social Security is designed to replace approximately 40% of the average worker's salary, which translates to half of the average retiree's income needed to maintain their standard of living.