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The Basic Facts About Social Security

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420x316-grad-lee Dee Lee
Dee Lee is a Certified Financial Planner who received a diploma in...
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BOSTON (CBS) – According to the latest data I found, 63 million Americans are receiving Social Security benefits. Of that number 42 million are retirees, 14 million are receiving disability benefits, and 7 million beneficiaries are early retirees or young survivors.

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, 53% of married couples and 74% of unmarried individuals receive 50% or more of their income from Social Security.
  • Among elderly Social Security beneficiaries, 23% of married couples and about 46% of unmarried individuals 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 90% of workers age 21-64 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 have survivor’s
    insurance protection for their young children and the surviving spouse caring for the
    children.

94% of all workers, about 161 million 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.

There are currently 2.8 workers for each Social Security beneficiary. By 2033, there will be 2.1 workers for each beneficiary.

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