The Basic Facts About Social Security
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
- 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
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.