The Social Security Administration annually produces a booklet highlighting interesting aspects of the Social Security and Supplemental Security Income (SSI) programs. The newest edition of this booklet, Fast Fact & Figures About Social Security, 2012 was released last week. Information from it will be included in these posts.
To start, did you know that:
- SSA paid benefits to about 60.4 million people in 2011
- Social Security provided at least half the income for 65 percent of the aged beneficiaries in 2010
- Social Security benefits were awarded to about 5.6 million people in 2011
- Women accounted for 56 percent of adult Social Security beneficiaries in 2011
- The average age of disabled-worker beneficiaries was 53.0 in 2011
- Eighty-five percent of SSI recipients received payments because of disability or blindness in 2011
Regular readers of these posts know that Social Security is more than retirement. Benefits are paid to disabled workers and their eligible family members as well as to survivors of deceased workers. As of December 2011, more than 55 million beneficiaries were receiving monthly benefits. Rounding the numbers, 64% of these beneficiaries were retired workers and 15% were disabled workers. Spouses and children of retired workers accounted for about 5% of all beneficiaries and spouses and children of disabled workers about 4%. The remaining 11% were survivors of deceased workers.
Note: Chart links bring you to the correct chapter. From there, find the chart desired at left of page. See ”Beneficiaries in Current Payment Status” and “Beneficiaries by Age.”
Age is another way of viewing Social Security beneficiaries. Again as of December 2011, almost 80% of all OASDI (Old Age, Survivors and Disability insurance = Social Security) current beneficiaries were aged 62 or older, including 22% aged 75–84 and 10% aged 85 or older. Approximately 15% were aged 18–61 and receiving benefits as disabled workers, survivors, or dependents. Another 6 % were children under age 18. The following chart illustrates this age range.