In 2009, nearly 51 million Americans will receive $650 billion in Social Security benefits.
December 2008 Beneficiary DataRetired workers32 million$37.2 billion$1,153 average monthly benefit dependents2.9 million$ 1.6 billionDisabled workers7.4 million$ 7.9 billion$1,063 average monthly benefit dependents1.8 million$ .6 billionSurvivors6.5 million$ 6.3 billion$1,112 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 40% of the income of the elderly.
- Among elderly Social Security beneficiaries, 52% of married couples and 72% of unmarried persons receive 50% or more of their income from Social Security.
- Among elderly Social Security beneficiaries, 20% of married couples and about 41% 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 18% of total benefits paid.
- About 91 percent of workers age 21-64 in covered employment and their families have protection in the event of a long-term disability.
- Almost 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 13% 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 2008 have survivors insurance protection for their young children and the surviving spouse caring for the children.
- An estimated 162 million workers, 94% of all workers, are covered under Social Security.
- 52% of the workforce has no private pension coverage.
- 31% of the workforce has no savings set aside specifically for retirement.
In 1935, the life expectancy of a 65-year-old was 12½ years, today it’s 18 years.
By 2034, there will be almost twice as many older Americans as today — from 38.6 million today to 74 million.
There are currently 3.3 workers for each Social Security beneficiary. By 2034, there will be 2.1 workers for each beneficiary.