Social Security Basic Facts

June 19, 2013
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  • In 2013, almost 58 million Americans will receive $816 billion in Social Security benefits.
December 2012 Beneficiary Data
Retired workers
37 million
$46.3 billion
$1,262 average monthly benefit
  dependents
2.9 million
$ 1.8 billion
Disabled workers
8.8 million
$ 10 billion
$1,130 average monthly benefit
  dependents
2.1 million
$ .69 billion
Survivors
6.3 million
$ 6.6 billion
$1,215 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 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 161 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.

  • In 1940, the life expectancy of a 65-year-old was almost 14 years; today it is more than 20 years.

  • By 2033, the number of older Americans will increase from 45.1 million today to 77.4 million.

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