Guest guest Posted March 17, 2006 Report Posted March 17, 2006 In 2006, more than 48 million Americans will receive approximately $539 billion in Social Security benefits. December 2005 Beneficiary Data: 30 million Retired workers $31 billion - $1,002 average monthly benefit - dependents 3 million $ 1.5 billion Disabled workers 6.5 million $ 6.1 billion - $938 average monthly benefit - dependents 1.8 million $ .5 billion Survivors 6.7 million $ 5.7 billion - $966 average monthly benefit Social Security is the major source of income for most of the elderly. More than nine out of ten individuals age 65 and older receive Social Security benefits. Social Security benefits represent 39% of income of the elderly. About two-thirds of aged Social Security beneficiaries receive 50% or more of their income from Social Security. Social Security is the only source of income for approximately 22% 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 17% of total benefits paid. About 91 percent of workers age 21-64 in covered employment and their families have protection in the event of a long-term disability. Almost 3 in 10 of today's 20 year-olds will become disabled before reaching age 67. 72% of the private sector workforce has no long-term disability insurance. Survivors of deceased workers account for 14% of total benefits paid. One in seven Americans will die before reaching age 67. An estimated 97% of young children and their mothers and fathers are insured for survivors benefits through Social Security. An estimated 161 million workers, 96% of all workers, are covered under Social Security. 53% of the workforce has no private pension coverage. 32% of the workforce has no savings set aside specifically for retirement. In 1935, the life expectancy of a 65-year-old was 12½ years, today it's 17½ years. By 2031, there will be almost twice as many older Americans as today - - from 37 million today to 71 million. There are currently 3.3 workers for each Social Security beneficiary. By 2031, there will be 2.1 workers for each beneficiary. http://www.ssa.gov/pressoffice/basicfact.htm Quote
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