Social Security Online

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.

  • 53% of the workforce has no private pension coverage.
  • 32% of the workforce has no savings set aside specifically for retirement.
  • In 1935, the life expectancy of a 65-year-old was 12Ĺ years, today itís 17Ĺ 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

SSA Press Office 440 Altmeyer Bldg. 6401 Security Blvd. Baltimore, MD 21235
410-965-8904 FAX 410-966-9973