Chris Stein, CFP®
Social Security Facts and Figures
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 ten highlights from the 2013 report:
In 2014, over 59 million Americans will receive almost $863 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 74% of unmarried persons receive 50% or more of their income from Social Security.
Retired workers and their dependents account for 74% of total benefits paid in December 2013.
An estimates 165 million 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 about 14 years; today it is about 20 years.
By 2033the number of Americans 65 and older will increase from 46.6 million today to over 77 million.
There are currently 2.8 workers for each Social Security beneficiary. By 2033 there will be 2.1 workers for each beneficiary.
For a discussion of these facts and figures, please listen to our audio blog below.
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