Social Security Statistics – By Revenue, Demographics, Benefits, States, Covered Population
WHAT WE HAVE ON THIS PAGE
- 1 Introduction
- 2 (Editor’s Choice)
- 3 What is Social Security?
- 4 Programs Offered Under Social Security
- 5 General Social Security Statistics
- 6 By Uncovered Population
- 7 By Revenue
- 8 By Expenditure Types
- 9 By Covered Population
- 10 By Demographics
- 11 By ethnicity
- 12 By Paid Accounts
- 13 By Benefits
- 14 Social Security Facts
- 15 By states
- 16 Conclusion
Introduction
Social Security Statistics: Social Security is America’s most qualified government-run program. These benefits are monthly payouts to qualified people with disabilities and their spouses, survivors and their children, and retired adults. The social security program is designed to keep such people away from the poverty line. The benefits received from this program are kind of a restricted replacement for the income. In order to qualify for this program, an individual has to earn 40 credits in their employment period.
These social security statistics are written in different aspects of social security and its benefits which will give an insight into information based on the United States of America.
(Editor’s Choice)
- Social security statistics say that 30% of the income belongs to income from social security benefits of income for the elderly.
- In the year 2022, around 66 million Americans received benefits of social security each month.
- Every year, 9 out of 10 citizens of the United States of America get benefited from social security programs.
- The average disability benefit per month is $1,280.
- As of 2022, on average 6 million, Americans received social security benefits every month resulting in the amount of $1 trillion of benefits every year.
- $2.85 trillion has been received in the reserves of the social security trust fund.
- West Virginia ranks highest in the receiver of the benefit resulting in 26.9%.
- 8% of the United States of America’s GDP belongs to the share of social security.
- Around 25.2% of adults in the United States of America receive monthly payments from the Social security program.
- As of 2022, the highest ever amount a person can receive is $4,194 every month.
What is Social Security?
Social security is the most common program used in the United States of America. The program supports needy persons to keep them away from touching the poverty line. The Social security act was coined in the year 1935 and further amended acts supported various programs.
Programs Offered Under Social Security
Under the act of Social Security following are the largest used programs:
- Supplemental Security Income (SSI)
- Grants to States for medical assistance programs for low-income citizens, Medicaid
- State Children’s health insurance program for low-income citizens (SCHIP)
- Temporary Assistance for Needy Families (TANF)
- Federal Old Age, Survivors, and disability insurance (OASDI)
- Health Insurance for the aged and disabled, Medicare
General Social Security Statistics
- In the year 2022, around 66 million Americans received benefits of social security each month.
- 8% of the United States of America’s GDP belongs to the share of social security.
- Social security is the primary source of income for many elderly people in the United States of America.
- Social security statistics estimate that around 1 out of 4 in today’s generation of 20-year-olds will go disabled before reaching the age of 67.
- Another estimate state that, more than 1 out of 8 of today’s 20-year-olds will be deceased before reaching 67 years of age.
- Social security statistics say that 30% of the income belongs to income from social security benefits of income for the elderly.
- As of 2022, on average 6 million, Americans received social security benefits every month resulting in the amount of $1 trillion of benefits every year.
- There were around 65.67 million people in the United States of America who received benefits of social security in the year August 2022.
- Every year, 9 out of 10 citizens of the United States of America get benefited from social security programs.
- As per the social security statistics, around 15.2 million elderly people in the United States of America are kept away from poverty.
- $2.85 trillion has been received in the reserves of the social security trust fund.
- West Virginia ranks highest in the receiver of the benefit resulting in 26.9%.
- As an American citizen, a person must earn 40-lifetime work credits to be eligible to earn the benefits of social security.
- If a person waits until he becomes 70 years of age, then he/she is eligible to receive 8% more amount every year after the full retirement age.
- As of 2022, the highest ever amount a person can receive is $4,194 every month.
- Workers in the United States of America who will retire after 2034 will receive around 77% of the full social security benefit.
- Around 25.2% of adults in the United States of America receive monthly payments from the Social security program.
- According to Social security statistics, 6.2% of social security receive funds from compulsory payroll tax.
- The average disability benefit per month is $1,280.
- As of 2021, there were around 10.26 million retired female workers aged between 62 years to 69 years for social security beneficiaries.
- In the year 2021, around 16.67 million retired women aged between 70 years to 84 years received social security benefits.
By Uncovered Population
- 32% of the employees are not covered under private pension coverage.
- 65% of private sector employees have not applied for long-term disability insurance.
By Revenue
(Reference: SSA.gov)
- According to the social security statistics of 2021, the overall revenue received from different sources for the program was around $1.09 trillion.
- Out of these 90.1% was generated from payroll taxes.
- 4% was generated from interest while 3.5% of the overall revenue belongs to the taxation of benefits.
By Expenditure Types
(Reference: SSA.gov)
- On the other hand, the social security statistics of 2021 explain the total expenditure of $1.14 trillion.
- The highest part of expenses goes to benefits payments by 99%.
- While only 06% and 0.4% belong to administrative expenses and railroad retirement financial interchange expenses respectively.
By Covered Population
- In the year 2022, it was estimated that 2.8 were covered workers for every social security beneficiary.
(Reference: Statista)
- The highest number of social security benefits receivers as of 2021 in the United States of America were from the age group of 70 years to 84 years resulting in 30,707.
- 18,870 benefit receivers belong to the age group of 62 years to 69 years.
- While the lowest of all was given for people 85 years and above resulting in 5,772.
By Demographics
- Considering the social security statistics of the elderly population, 12% of men and 15% of women depend on the scheme for 90% and more of their income.
- In similar demographics, 37% of the men and 42% of the women receive 50% or more income from the Social security scheme.
- 15% of women depend on social security for more than 90% of their income. Similarly, 45% of single retirees depend on social security for more than 90% of their income.
- On the other hand, only 21% of married couples depend on social security in a similar income bracket.
(Reference: Center on Budget and Policy Priorities)
- As of June 2021, on average 1 out of 5th beneficiaries get disability or young survivors benefits.
- 82% of the benefits are paid to retired workers and their dependents and aged widows who are receiving retirement or survivor benefits.
- 3% of the overall beneficiaries are young survivors and 15% of the benefits are paid out to disabled workers and their dependents.
(Reference: SSA.gov)
- The highest benefit of the OASDI program in the United States of America was given to people from the age of 65 years to 74 years resulting in 44%.
- Similarly, 25% of the OASDI beneficiaries as of 2021, belong to the age group of 75 years to 84 years.
- Furthermore, there were 11% of the people from the age group of 18 years to 61 years and 9% and 4% belonged to 85 years and above and below 18 years respectively.
(Reference: SSA.gov)
- Another program of social security – SSI paid an average amount of $584 every month to people of all ages.
- To be more specific, in the United States of America, residents who were under 18 received $687 on average every month, as of 2021.
- People from the age of 18 years to 64 years received around $617 while people 65 years and above received around $475 on an average monthly basis.
By ethnicity
| Characteristic | All grade levels |
|---|---|
| Women | 64.6 |
| Minorities | 55.0 |
| Black | 30.4 |
| Hispanic | 15.7 |
| Asian/Pacific Islander | 7.5 |
| American Indian/Alaska Native | 1.3 |
| Employees with targeted disabilities | 3.5 |
| Total * | 59,518 |
(Reference: SSA.gov)
- As of 2021, social security statistics say that there were around 59,518 people eligible as beneficiaries.
- Out of these, 64.6% were women, which belonged to 55% of the minority population.
- 4% of the population in the list of beneficiaries was black by ethnic background.
- 7% were from the Hispanic ethnic background while 7.5% were Asian/ pacific Islanders.
- Similarly,1.3% of beneficiaries of social security in the year 2021, were American Indian / Alaska natives by ethnic background.
By Paid Accounts
- In the year 2021, 76.1% of total benefits to retired workers along with their dependents were paid.
- In a similar duration, Social security statistics say that around 12.4% of the total benefits were paid to disabled workers and their dependents in the United States of America.
- Around 11.6% of the total benefits were paid to survivors of deceased workers as of 2021 in the United States of America.
By Benefits
(Reference: SSA.gov)
- As of 2022, the social security statistics say that, in the month of November 2022, the total average monthly benefit was $1,551.66.
- While in a similar category, the AMB received $1,601.13.
- In the retirement benefits retired workers received 1,677.52 and the spouses of retired workers received around $830.29. While Children of retired workers received around $787.61 as a monthly average benefit.
- In terms of survivor benefits, children of deceased workers received $981.33 on average monthly benefits. Widowed mothers and fathers were eligible for $1,135.79. Disabled widows or widowers received $820.87, and parents of the deceased workers received around 1,408.87
- Considering the disability insurance, disabled workers received 1,364.28 as the average monthly benefit while spouses and children were eligible for $375.97 and 432.23 respectively.
(Reference: ZIPPIA)
- As of 2021, there were 75.2% of retirees in the list of beneficiaries of social security are the largest of all.
- While 13.1% belonged to disabled workers and 11.7% were from survivors.
Social Security Facts
- The first ever social security benefit cheque was paid out in the year 1940 amounting to $22.54 which counts to $477.86 as of today.
- More than 1 million workers registered their names for Social security numbers after just 8 days of the program’s launch.
- As of today, the Social security program is the largest government-run program in the United States of America.
By states
(Reference: Zippia)
- As of 2021, in the United States of America, California ranked top for having the highest number of OASDI beneficiaries resulting in 6.07 million.
- Florida recorded 4.75 million while Texas had 4.34 million.
- Other states with the overall highest number of OASDI beneficiaries are New York (3.67 million), Pennsylvania (2.86 million), Ohio (2.38 million), Illinois (2.27 million), Michigan (2.24 million), North Carolina (2.14 million) and Georgia (1.87 million).
Conclusion
Social security is the most important program run by the government in the United States of America. It helps, retirees, disabled persons, and survivors to stay out of poverty and support their minimum financial requirements. As per the above Social Security statistics, around 90% of the residents in America depend on the monthly payment of social security benefits.
Unfortunately, not all people who actually receive the benefit really need it. There are still some people who are unknowingly kept away from these programs. But, having Social security program is really helpful when you find it impossible to earn money for daily bread and butter.
Sources
FAQ.
Social security pays the amount on the percentage of the pre-retirement income of the lifetime earnings. This can help in keeping people away from the poverty line.
As of 2023, if you retire at 70 will are eligible to receive $4,555 monthly. And if you retire at 62 as of 2023, the amount will be $2,572. Furthermore, if you retire at full retirement age in 2023, you will receive the maximum benefit of $3,627.
Social security benefits are for citizens of the United States of America, permanent residents, and noncitizens who work in the USA.
As a resident of the United States of America, once you turn 62 you are eligible for the benefits offered by the social security program.
Barry is a lover of everything technology. Figuring out how the software works and creating content to shed more light on the value it offers users is his favorite pastime. When not evaluating apps or programs, he's busy trying out new healthy recipes, doing yoga, meditating, or taking nature walks with his little one.
