By David Vinokurov – Social Security District Manager n Trenton, NJ
Fact Sheet
SOCIAL SECURITY
Ø In 2012, over 56 million Americans will receive $778 billion in Social Security benefits.
December 2011 Beneficiary Data
ο Retired workers 36 million $44.7 billion $1,234 average monthly benefit
dependents 2.9 million $ 1.8 billion
ο Disabled workers 8.7 million $ 9.7 billion $1,111 average monthly benefit
dependents 2.1 million $ .67 billion
ο Survivors 6.3 million $ 6.5 billion $1,190 average monthly benefit
Ø Social Security is the major source of income for most of the elderly.
ο Nine out of ten individuals age 65 and older receive Social Security benefits.
ο Social Security benefits represent about 39% of the income of the elderly.
ο Among elderly Social Security beneficiaries, 53% of married couples and 74% of unmarried persons receive 50% or more of their income from Social Security.
ο 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.
Ø Social Security provides more than just retirement benefits.
ο Retired workers and their dependents account for 70% of total benefits paid.
ο 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.
ο 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.
Ø An estimated 159 million workers, 94% of all workers, are covered under Social Security.
ο 51% of the workforce has no private pension coverage.
ο 34% of the workforce has no savings set aside specifically for retirement.
Ø In 1940, the life expectancy of a 65-year-old was almost 14 years; today it is almost 20 years.
Ø By 2033, there will be almost twice as many older Americans as today – from 43.4 million today to 75.7 million.
Ø There are currently 2.8 workers for each Social Security beneficiary. By 2033, there will be 2.1 workers for each beneficiary.
David Vinokurov
District Manager – Trenton, NJ
Social Security Administration
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