Virgin Islands
Program Data
Social Security
The Social Security program—Old-Age, Survivors, and Disability Insurance (OASDI)—provides monthly benefits to workers and their families when the worker retires, dies, or becomes disabled. The amount of the worker's retirement insurance (old-age) or disability benefit is based on the worker's level of earnings in employment or self-employment covered by the Social Security program. Monthly benefits are payable to retired workers at age 62 (with reduced benefits) or to disabled workers at any age. The benefit amount for an auxiliary or survivor beneficiary is based on a percentage of the worker's benefit. Auxiliary and survivor beneficiaries must generally meet an age, disability, or child care requirement.
A total of 48,445,900 persons received benefits for December 2005. This number included 30,474,930 retired workers, 4,746,780 widows and widowers, 6,510,420 disabled workers, 2,681,460 wives and husbands, and 4,032,310 children. Social Security beneficiaries represented 15.9 percent of the total population and 90.3 percent of the population aged 65 or older.
Retired workers received an average monthly benefit of $1,002; widows and widowers, $941 (nondisabled widows and widowers, $967); disabled workers, $938; and wives and husbands of retired and disabled workers, $484. Average benefits for children of retired, deceased, and disabled workers were $493, $656, and $278, respectively.
Monthly benefits for December 2005 totaled $44.4 billion. Of this amount, $32.0 billion was paid to retired workers and their spouses and children, $5.7 billion to survivors, and $6.6 billion to disabled workers and their spouses and children. Average and total monthly benefits include the 4.1 percent cost-of-living increase effective December 2005.
In the Virgin Islands, benefits were paid to 15,960 persons. This number included 10,380 retired workers, 1,300 widows and widowers, 1,330 disabled workers, 1,130 wives and husbands, and 1,820 children.
Retired workers in the Virgin Islands received an average of $866 per month; widows and widowers, $744; disabled workers, $944; and wives and husbands of retired and disabled workers, $395. Average benefits for children were $389 for children of retired workers, $606 for children of deceased workers, and $292 for children of disabled workers.
Monthly benefits for December 2005 totaled $12 million. Of this amount, $10 million was paid to retired workers and their spouses and children, $1 million to survivors, and $1 million to disabled workers and their spouses and children.
Earnings and Employment
Social Security
Nationally, in 2004, the latest year for which state data are available, an estimated 157.0 million persons worked in employment that was covered under the Social Security (Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI)) program. They earned $4.5 trillion in Social Security taxable earnings. Employees, employers, and the self-employed paid a total of $563 billion in Social Security taxes to the OASI and DI trust funds.
For 2004, earnings and employment data for the Virgin Islands are not available.
Medicare
Nationally, in 2004, the latest year for which state data are available, an estimated 160.7 million persons worked in employment that was covered under the Medicare (Hospital Insurance, or HI) program. They earned $5.6 trillion in Medicare taxable earnings. Employees, employers, and the self-employed paid a total of $161 billion in Medicare taxes to the HI trust fund.
For 2004, earnings and employment data for the Virgin Islands are not available.