The Social Security Administration publishes an annual Beneficiary Report, containing a variety of facts and figures regarding the Social Security system. This week we take a look at the top 10 highlights from the 2016 report:
- In 2017, over 60 million Americans will receive almost $886 Billion in Social Security Benefits.
- Nearly nine out of ten individuals age 65 and older receive Social Security benefits.
- Among elderly Social Security beneficiaries, 52% of married couples and 75% of unmarried persons receive 50% or more of their income from Social Security.
- Forty million retired workers receive reduced benefits, which is about 70%
- An estimated 169 million workers are covered under Social Security.
- There are currently 2.8 workers for each Social Security beneficiary. By 2033 there will be 2.1 workers for each beneficiary.
- There are about 61,000 centenarians receiving Social Security benefits.
- 34% of the workforce has no savings set aside specifically for retirement.
- In 1940 the life expectancy of a 65 year old was about 14 years; today it is about 20 years.
- By 2033 the number of Americans 65 and older will increase from 47 million today to over 77 million.
For a discussion of these facts and figures, please listen to our audio blog below.