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SOME BASIC FACTS ABOUT SOCIAL SECURITY

In 2013, almost 58 million Americans will receive $816 billion in Social Security benefits.

Social Security is the major source of income for most of the elderly.

Nearly nine out of ten individuals age 65 and older receive Social Security benefits.
Social Security benefits represent about 39% of the income of the elderly.
Among elderly Social Security beneficiaries, 53% of married couples and 74% of unmarried persons receive 50% or more of their income from Social Security.
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.

An estimated 163 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 almost 14 years; today it is more than 20 years.

By 2033, the number of older Americans will increase from 45.1 million today to 77.4 million.

There are currently 2.8 workers for each Social Security beneficiary. By 2033, there will be 2.1 workers for each beneficiary.

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