Fact Sheet
SOCIAL SECURITY

• In 2005, almost 48 million Americans will receive approximately $518 billion in Social Security benefits.

  December 2004 Beneficiary Data

  Retired workers	30 million	$28.6 billion	$955 average monthly benefit
  dependents	3.1 million	$ 1.5 billion
  Disabled workers	6.2 million	$ 5.5 billion	$894 average monthly benefit
  dependents	1.8 million	$ .5 billion
  Survivors	6.7 million	$ 5.5 billion	$920 average monthly benefit

• Social Security is the major source of income for most of the elderly.

  • More than nine out of ten individuals age 65 and older receive Social Security benefits.
  • Social Security benefits represent 39% of income of the elderly.
  • About two-thirds of aged Social Security beneficiaries receive 50% or more of their income from Social Security.
  • Social Security is the only source of income for approximately 22% of the elderly.
     

• 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 17% 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 3 in 10 of today’s 20 year-olds will become disabled before reaching age 67.
    • 72% of the private sector workforce has no long-term disability insurance.
       

  • Survivors of deceased workers account for 14% of total benefits paid.

    • One in seven Americans will die before reaching age 67.
    • An estimated 97% of young children and their mothers and fathers are insured for survivors benefits through Social Security.

• An estimated 159 million workers, 96% of all workers, are covered under Social Security.

• In 1935, the life expectancy of a 65-year-old was 12½ years, today it’s 17½ years.

• There are currently 3.3 workers for each Social Security beneficiary. By 2031, there will be 2.1 workers for each beneficiary.

• By 2031, there will be almost twice as many older Americans as today – from 37 million today to 71 million.

March 23, 2005