Chris Stein, CFP®
Top 10 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 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.
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