Social Security Basic Facts
· In 2011, nearly 55 million Americans will receive $727 billion in Social Security benefits.
|
December 2010 Beneficiary Data |
|||
| Retired workers |
35 million |
$40.7 billion |
$1,175 average monthly benefit |
| dependents |
2.9 million |
$ 1.7 billion |
|
| Disabled workers |
8 million |
$ 8.8 billion |
$1,068 average monthly benefit |
| dependents |
2 million |
$ .6 billion |
|
| Survivors |
6.4 million |
$ 6.3 billion |
$1,134 average monthly benefit |
- Social Security is the major source of income for most of the elderly.
- Nine out of ten individuals age 65 and older receive Social Security benefits.
- Social Security benefits represent about 41% of the income of the elderly.
- Among elderly Social Security beneficiaries, 54% of married couples and 73% of unmarried persons receive 50% or more of their income from Social Security.
- Among elderly Social Security beneficiaries, 22% of married couples and about 43% of unmarried persons rely on Social Security for 90% or more of their income.
- Social Security provides more than just retirement benefits.
- Retired workers and their dependents account for 69% of total benefits paid.
- Disabled workers and their dependents account for 19% of total benefits paid.
- About 91 percent of workers age 21-64 in covered employment in 2009 and their families have protection in the event of a long-term disability.
- Just over 1 in 4 of today’s 20 year-olds will become disabled before reaching age 67.
- 67% of the private sector workforce has no long-term disability insurance.
- Survivors of deceased workers account for about 12% of total benefits paid.
- About one in eight of today’s 20 year-olds will die before reaching age 67.
- About 97% of persons aged 20-49 who worked in covered employment in 2009 have survivors insurance protection for their young children and the surviving spouse caring for the children.
- An estimated 157 million workers, 94% of all workers, are covered under Social Security.
· 50% of the workforce has no private pension coverage.
· 31% of the workforce has no savings set aside specifically for retirement.
- In 1940, the life expectancy of a 65-year-old was almost 14 years; today it’s almost 20 years.
- By 2036, there will be almost twice as many older Americans as today — from 41.9 million today to 78.1 million.
There are currently 2.9 workers for each Social Security beneficiary. By 2036, there will be 2.1 workers for each beneficiary.