On Sunday, August 14, Social Security celebrated it 87th birthday. From the SSA’s website, “69.1 million people received benefits from programs administered by the Social Security Administration (SSA) in 2019.” Most of us will be or are using SS for some of our retirement income. Some of us may be using SS disability or survivor benefits for income now.
Roughly what percent of your family’s income is or will be from SS benefits?
0 voters
Here are some interesting stats on Social Security thru 2021
69.8MM or 25.2% of all US households receive some form of Social Security benefits
The average benefit received per month from Social Security is $1,657
Social Security represents 4.8% of the US GDP
At the current rate of consumption of benefits, the SS Trust fund will fully fund benefits until 2034 when the funding level is projected to drop to 77% of benefits.
21% of the married couples on Social Security rely on it for over 90% of their income
45% of single retirees rely on social security for over 90% of their income.
A 2020 study by the National Institute on Retirement Security (NIRS), found that 40% of Americans over the age of 60 with no employment income relied on Social Security for 100% of household income.
The same study found that only 6.8% of this group receive income from the tripartite of Social Security, a defined benefit plan and a defined contribution plan, including IRAs.
BruceM