Every now and then it is a good idea to remind people just how important Social Security is to millions of Americans. The programs funded by Social Security help the elderly, disabled and survivors maintain a standard of living and sometimes it is difficult to remember just how many people rely on these benefits. Here are some facts about The benefits that 63 million Americans receive.
Social Security is the major source of income of the elderly
- About 90 percent of individuals age 65 and older receive Social Security benefits;
- Social Security benefits represents about 33 percent of elderly income;
- Among the beneficiaries, 23 percent consist of married couples, 43 percent unmarried, who rely on Social Security for 90 percent or more of their income.
Not just retirement benefits
Retired workers and their dependents receive about 72 percent of all Social Security benefits, but disabled workers and their dependents make up 16 percent of beneficiaries and the rest goes to survivors of deceased workers. Many people don’t give a lot of thought to Social Security disability benefits because they don’t believe they will ever need to collect benefits because they are unable to work. Unfortunately, about 25 percent of today’s 20-year-olds will become disabled prior to turning 67.
A life line for many people
Social Security is crucial for the vast majority of Americans. It is estimated that about 46 percent of the workforce in the private industry has no private pension coverage. In addition to that, about 39 percent of workers report that they and or their spouse have not saved any money for retirement. Social Security benefits have to last longer for Americans than when the program was created over 80 years ago. Back in 1940 the average 65-year-old could expect to live another 14 years, but today a 65-year-old can expect to live another 20 years.
