New Delhi, April 2 -- Social Security benefits form a crucial financial lifeline for retirees in the United States, but the amount people receive may vary widely. A recent survey by Bankrate found that 77% of current retirees rely on Social Security income cover their basic expenses, highlighting its crucial role in retirement planning.

Meanwhile, more than half of Americans who haven't retired yet say they expect to rely on Social Security benefits to pay their necessary expenses once they exit the workforce, according to Bankrate's new Social Security Survey.

In Connecticut, retirees receive the highest average social security payment in the country, at about $2,114 a month, according to the latest available Social Security Administra...