Social Security Basic Facts
July 30, 2012 (Printer Friendly Version)
- In 2012, over 56 million Americans will receive $778 billion in Social Security benefits.
Retired workers |
36 million |
$44.7 billion |
$1,234 average monthly benefit |
---|---|---|---|
dependents |
2.9 million |
$ 1.8 billion |
|
Disabled workers |
8.7 million |
$ 9.7 billion |
$1,111
average monthly benefit |
dependents |
2.1 million |
$ .67 billion |
|
Survivors |
6.3 million |
$ 6.5 billion |
$1,190
average monthly benefit |
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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 39% of the income of the elderly.
- Among elderly Social Security beneficiaries, 53% of married couples and 74% of unmarried persons receive 50% or more of their income from Social Security.
- Among elderly Social Security beneficiaries, 23% of married couples and about 46% 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 70% 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 2011 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.
- 69% of the private sector workforce has no long-term disability
insurance.
- Survivors of deceased workers account for about 11% of total benefits
paid.
- About one in eight of today’s 20 year-olds will die before reaching age 67.
- About 96% of persons aged 20-49 who worked in covered employment in 2011 have survivors insurance protection for their young children and the surviving spouse caring for the children.
- An estimated 159 million workers, 94% of all workers, are covered under Social Security.
- 51% of the workforce has no private pension coverage.
- 34% of the workforce has no savings set aside specifically for retirement.
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In 1940, the life expectancy of a 65-year-old was almost 14 years; today it's almost 20 years.
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By 2033, there will be almost twice as many older Americans as today -- from 43.4 million today to 75.7 million.
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There are currently 2.8 workers for each Social Security beneficiary. By 2033, there will be 2.1 workers for each beneficiary.