Social Security Basic Facts

October 18, 2011 (Printer Friendly Version)

  • In 2011, nearly 55 million Americans will receive $727 billion in Social Security benefits.
June 2011 Beneficiary Data
Retired workers
35 million
$41.5 billion
$1,181 average monthly benefit
  dependents
2.9 million
$ 1.7 billion
Disabled workers
8.4 million
$ 9 billion
$1,070 average monthly benefit
  dependents
2 million
$ .6 billion
Survivors
6.3 million
$ 6.3 billion
$1,139 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 41% of the income of the elderly.
    • Among elderly Social Security beneficiaries, 54% of married couples and 73% of unmarried persons receive 50% or more of their income from Social Security.
    • Among elderly Social Security beneficiaries, 22% of married couples and about 43% 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 69% 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 2010 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.
      • 67% of the private sector workforce has no long-term disability insurance.
         
    • Survivors of deceased workers account for about 12% of total benefits paid.
      • About one in eight of today’s 20 year-olds will die before reaching age 67.
      • About 97% of persons aged 20-49 who worked in covered employment in 2010 have survivors insurance protection for their young children and the surviving spouse caring for the children.
  • An estimated 158 million workers, 94% of all workers, are covered under Social Security.

  • 50% of the workforce has no private pension coverage.
  • 31% 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 2036, there will be almost twice as many older Americans as today -- from 41.9 million today to 78.1 million.

  • There are currently 2.9 workers for each Social Security beneficiary. By 2036, there will be 2.1 workers for each beneficiary.