Social Security Basic Facts

SSI.gov

• In 2012, over 56 million Americans will receive $778 billion in Social Security benefits.

December 2011 Beneficiary Data

Retired workers	36 million	$44.7 billion	$1,234 average monthly benefit
dependents	2.9 million	$ 1.8 billion
Disabled workers	8.7 million	$ 9.7 billion	$1,111 average monthly benefit
dependents	2.1 million	$ .67 billion
Survivors	6.3 million	$ 6.5 billion	$1,190 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 159 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's almost 20 years.
• By 2033, there will be almost twice as many older Americans as today -- from 43.4 million today to 75.7 million.
• There are currently 2.8 workers for each Social Security beneficiary. By 2033, there will be 2.1 workers for each beneficiary.