Social Security is the major source of income for most of the elderly.
• Nine out of ten individuals age 65 and older receive Social Security benefits.
• Social Security benefits represent about 40% of the income of the elderly.
Social Security provides more than just retirement benefits.
• Retired workers and their dependents account for 69% of total benefits paid.
• Disabled workers and their dependents account for 18% of total benefits paid.
• Almost 3 in 10 of today's 20 year-olds will become disabled before reaching age 67.
• Survivors of deceased workers account for about 13% of total benefits paid.
• About one in seven of today's 20-year-olds will die before reaching age 67.
An estimated 159 million workers, 94% of all workers, are covered under Social Security.
• 52% of the workforce has no private pension coverage.
• 31% of the workforce has no savings set aside specifically for retirement.
In 1935, the life expectancy of a 65-year-old was about 12 years, today it is 18 years.
By 2034, there will be almost twice as many older Americans as today--from 39.9 million today to 74.6 million.
There are currently 3.2 workers for each Social Security beneficiary. By 2034, there will be 2.1 workers for each beneficiary.
