Social SecurityStatistic # 320In 2003, 54,300,000 persons age 55 and above were insured under Social Security. U.S. Census Bureau. (2005). U.S. Census Bureau, Statistical abstract of the United States: 2004-2005. Social insurance and human services. (Section 11, Table 525, p. 348). Washington, DC: U.S. Census Bureau. Retrieved July 15, 2005, from http://www.census.gov/prod/www/statistical-abstract-2001_2005.html "This section presents data related to governmental expenditures for social insurance and human services; governmental programs for old-age, survivors, disability, and health insurance (OASDHI); governmental employee retirement; private pension plans; government unemployment and temporary disability insurance; federal supplemental security income payments and aid to the needy; child and other welfare services; and federal food programs." "The principal source for these data is the Social Security Administration's Annual Statistical Supplement to the Social Security Bulletin which presents current data on many of the programs." |
Social SecurityStatistic # 1226In 2006, almost 50,000,000 individuals received Social Security benefits through the Old Age, Survivors and Disability Insurance (OASDI) program. Of those, 63% were retired workers and 6% were their dependents or spouses. The remaining 31% of beneficiaries claimed benefits under the disability (18%) or survivors (13%) programs. (McNamara, 2006) 
McNamara, T.K. (2006) [Analysis of November 2006 OASDI Monthly Statistics]. Unpublished raw data. This analysis of the Social Security's 2006 OASDI Monthly Statistics focuses on all benefits paid in the month of November. |
Social SecurityStatistic # 1228According to the Social Security administration, Social Security "was 90% or more of income for 21% of aged beneficiary couples and 43% of aged nonmarried beneficiaries. Total income excludes withdrawals from savings and non-annuitized IRAs or 401(k) plans; it also excludes in-kind support, such as food stamps and housing and energy assistance." (Social Security Administration, 2006a: 7). Social Security Administration, Office of Policy. (2006a, September). Fast Facts & Figures About Social Security, 2006. Washington, DC. Retrieved January 8, 2007 from http://www.ssa.gov/policy/docs/chartbooks/fast_facts/2006/fast_facts06.pdf This report "answers the most frequently asked questions about the programs SSA administers. It highlights basic program data for the Social Security...and Supplemental Security programs." |
Social SecurityStatistic # 1230According to the Social Security Administration, the average new beneficiary received $810 a month through the Social Security program. (Social Security Administration, 2006a: 15). Social Security Administration, Office of Policy. (2006a, September). Fast Facts & Figures About Social Security, 2006. Washington, DC. Retrieved January 8, 2007 from http://www.ssa.gov/policy/docs/chartbooks/fast_facts/2006/fast_facts06.pdf This report "answers the most frequently asked questions about the programs SSA administers. It highlights basic program data for the Social Security...and Supplemental Security programs." |
Social SecurityStatistic # 1231For the average earner, retiring at age 65, Social Security replaces about 41 percent of pre-retirement earnings. (Center for Retirement Research, 2006: 8). Center for Retirement Research at Boston College. (2006, August). An Update on Private Pensions. Chestnut Hill, MA: Munnell, A.H., and Perun, P. Retrieved on November 1, 2006, from http://www.bc.edu/centers/crr/issues/ib_50.pdf Using primarily the 1980 through 2005 Current Population Survey data, "this brief...explores who is covered by a pension plan and who is not, how much retirees receive in pension income, and how pension coverage and receipt have changed over time. The key finding is that total pension coverage has continued to shift to 401(k) plans. These developments, coupled with declining levels of earnings replacement under Social Security, mean that future retirees will have to work longer if they want to maintain their pre-retirement standard of living in retirement." (p.1) |
Social SecurityStatistic # 1232Of households with at least one adult aged 55-61, 43% of those that received Old Age, Survivors, and Disbiliaty (OASDI) benefits reported receiving wage, salary, or self-employment income as well, compared to 87% of households that did not receive OASDI benefits. (Social Security Administration, 2006b: 14-15).  Social Security Administration, Office of Policy. (2006b, May). Income of the Population 55 or Older, 2004. Washington, DC. Retrieved January 8, 2007, from http://www.socialsecurity.gov/policy/docs/statcomps/income_pop55/2004/incpop04.pdf "This report provides a broad income picture of a cross section of the population aged 55 and older, with special emphasis on income of the population aged 65 and older." (p.iii) |
Social SecurityStatistic # 1233Of households with at least one adult aged 62-64, 46% of those that received Old Age, Survivors and Disability (OASDI) benefits reported receiving wage, salary, or self-employment income as well, compared to 81% of households that did not receive OASDI benefits. (Social Security Administration, 2006b: 14-15). Social Security Administration, Office of Policy. (2006b, May). Income of the Population 55 or Older, 2004. Washington, DC. Retrieved from http://www.socialsecurity.gov/policy/docs/statcomps/income_pop55/2004/incpop04.pdf "This report provides a broad income picture of a cross section of the population aged 55 and older, with special emphasis on income of the population aged 65 and older." (p.iii) |
Social SecurityStatistic # 1234Of households with at least one adult aged 65 or older, 22% of those that received Old Age, Survivors and Disability Insurance (OASDI) benefits reported receiving wage, salary, or self-employment income as well, compared to 37% of households that did not receive OASDI benefits. (Social Security Administration, 2006b: 14-15). Social Security Administration, Office of Policy. (2006b, May). Income of the Population 55 or Older, 2004. Washington, DC. Retrieved January 8, 2007 from http://www.socialsecurity.gov/policy/docs/statcomps/income_pop55/2004/incpop04.pdf "This report provides a broad income picture of a cross section of the population aged 55 and older, with special emphasis on income of the population aged 65 and older." (p.iii) |
Social SecurityStatistic # 1793According to the Urban Institute's analysis of HRS data from 1992-2004, for participants aged 63-67, "job layoffs reduce Social Security wealth accumulation by about $4,700, or 11.9% of the average increment between 1992 and 2004, after other factors are held constant." (p. vi) Johnson, R. W., Mermin, G., & Murphy, D. (2007). The impact of late-career health and employment shocks on social security and other wealth. Washington, DC: Urban Institute. Retrieved February 18, 2008 from http://www.urban.org/publications/411591.html This report analyzed data from the Health and Retirement Survey from 1992 to 2004 using a sample of 2,829 adults. |
Social SecurityStatistic # 1225According to the Social Security Administration, "In 2004, 90% of married couples and 88% of nonmarried persons aged 65 or older received Social Security benefits." (Social Security Administration, 2006a: 7). Social Security Administration, Office of Policy. (2006a, September). Fast Facts & Figures About Social Security, 2006. Washington, DC. Retrieved January 8, 2007 from http://www.ssa.gov/policy/docs/chartbooks/fast_facts/2006/fast_facts06.pdf This report "answers the most frequently asked questions about the programs SSA administers. It highlights basic program data for the Social Security...and Supplemental Security programs." |
Social SecurityStatistic # 1204According to the Center for Retirement Research at Boston College, Social Security provided 72.7% of non-earned income of those aged 65 and older in 2004. Pensions, assets, and other sources of income represented 17.4%, 6.6%, and 3.3% of non-earned income, respectively. (p.2, Fig. 2) *Note: Information based upon Current Population Study data. Center for Retirement Research at Boston College. (2006, March). 401(k) Plans are Still Coming Up Short. Chestnut Hill, MA: Munnell, A.H., and Sunden, A. "The release of the Federal Reserve's 2004 Survey of Consumer Finances (SCF) is a(n)…opportunity to reassess the role that 401(k) plans are playing in the provision of retirement income. The SCF is a triennial survey of nationally representative sample of U.S. households' assets, liabilities, and demographic characteristics....The 2001 survey showed that 401(k) accumulations were coming up short. The 2004 survey shows some progress but most of the problems persist. |
Social SecurityStatistic # 50330.9%, 37.4%, 41%, 48.4% and 49.4% of persons age 65-69, 70-74, 75-79, 80-84 and 85 and older were kept out of poverty by Social Security in 1998. AARP. (2002, May). Beyond 50: summary tables and charts. Research report. (Table: Social security). Washington, DC: Gist, J., Figueiredo, C., & Ng-Baumhackl, M. Retrieved July 15, 2005, from http://www.aarp.org/research/reference/statistics/aresearch-import-298.html "Through its analysis of both the status quo and developing trends, Beyond 50: A Report to the Nation on Economic Security provides readers with an in-depth look at the well-being of more than one-quarter of Americans - the 76 million people age 50 and older in 2000." |
Social SecurityStatistic # 504While Social Security represented 100% of the income received by 13% of persons age 65 and above in 1980, it represented 100% of the income received by 17% of persons age 65 and above in 1998. While Social Security represented 50% of the income received by 34% of persons age 65 and above in 1980, it represented 50% of the income received by 42% of persons age 65 and above in 1998. AARP. (2002, May). Beyond 50: summary tables and charts. Research report. (Table: Social security). Washington, DC: Gist, J., Figueiredo, C., & Ng-Baumhackl, M. Retrieved July 15, 2005, from http://www.aarp.org/research/reference/statistics/aresearch-import-298.html "Through its analysis of both the status quo and developing trends, Beyond 50: A Report to the Nation on Economic Security provides readers with an in-depth look at the well-being of more than one-quarter of Americans - the 76 million people age 50 and older in 2000." |
Social SecurityStatistic # 506Between 1980 and 1999, the average monthly Social Security benefit increased by 135.6% AARP. (2002, May). Beyond 50: summary tables and charts. Research report. (Table: Social security). Washington, DC: Gist, J., Figueiredo, C., & Ng-Baumhackl, M. Retrieved July 15, 2005, from http://www.aarp.org/research/reference/statistics/aresearch-import-298.html "Through its analysis of both the status quo and developing trends, Beyond 50: A Report to the Nation on Economic Security provides readers with an in-depth look at the well-being of more than one-quarter of Americans - the 76 million people age 50 and older in 2000." |
Social SecurityStatistic # 932According to the "A Work-Filled Retirement" survey, "a substantial share of workers (35%) is currently saving nothing to supplement expected Social Security payments. When asked about their savings behavior, 46% agree they are doing a good job of saving for retirement. That response is lower than in 2000, when 52% thought they were doing a good job." (p.3) Reynolds, S., Ridley, N., & Van Horn, C., Ph.D. (2005, August). A Work-Filled Retirement: Workers' Changing Views on Employment and Leisure. Worktrends, 8.1 (Summer '05). “In this report, American workers across the nation describe their expectations of retirement and their views of how older workers are treated in the workplace…A total of 1,232 adults were interviewed for this survey. Respondents who worked full or part time, or who were unemployed and looking for work, received a complete interview. A total of 432 respondents who did not meet these criteria received a short interview that included demographic questions. The results of this report are based on a total of 800 complete interviews with members of the workforce, including 82 people who have retired from their primary job but remain in the workforce. The final results were weighted to match U.S. Census Bureau estimates for age, educational attainment, gender, and race.” |
Social SecurityStatistic # 942According to the "A Work-Filled Retirement" survey, "4 in 10 workers believe their principle source of retirement income will come from employer-sponsored pensions or 401(k) plans. Twenty-two percent believe their own personal savings will be their main income source, with Social Security the third most cited primary retirement income source (14%)." (p.18, Figure 3.2) Reynolds, S., Ridley, N., & Van Horn, C., Ph.D. (2005, August). A Work-Filled Retirement: Workers' Changing Views on Employment and Leisure. Worktrends, 8.1 (Summer '05). “In this report, American workers across the nation describe their expectations of retirement and their views of how older workers are treated in the workplace…A total of 1,232 adults were interviewed for this survey. Respondents who worked full or part time, or who were unemployed and looking for work, received a complete interview. A total of 432 respondents who did not meet these criteria received a short interview that included demographic questions. The results of this report are based on a total of 800 complete interviews with members of the workforce, including 82 people who have retired from their primary job but remain in the workforce. The final results were weighted to match U.S. Census Bureau estimates for age, educational attainment, gender, and race.” |
Social SecurityStatistic # 944According to the "A Work-Filled Retirement" survey, "of the retired-but-working group, only 31% currently receive Social Security benefits, while 75% have other money saved for retirement besides their Social Security payments. One in six of the retired but working are neither receiving Social Security nor have anything else saved for retirement." (p.20) Reynolds, S., Ridley, N., & Van Horn, C., Ph.D. (2005, August). A Work-Filled Retirement: Workers' Changing Views on Employment and Leisure. Worktrends, 8.1 (Summer '05). “In this report, American workers across the nation describe their expectations of retirement and their views of how older workers are treated in the workplace…A total of 1,232 adults were interviewed for this survey. Respondents who worked full or part time, or who were unemployed and looking for work, received a complete interview. A total of 432 respondents who did not meet these criteria received a short interview that included demographic questions. The results of this report are based on a total of 800 complete interviews with members of the workforce, including 82 people who have retired from their primary job but remain in the workforce. The final results were weighted to match U.S. Census Bureau estimates for age, educational attainment, gender, and race.” |
Social SecurityStatistic # 947According to the "A Work-Filled Retirement" survey, "men are more likely than women to believe they will rely on personal savings (25% vs 20%) or on employer-sponsored pensions or 401(k)s (46% vs 38%), while women are more likely to think they will base their retirement support on Social Security (18% vs 10%) or on other sources (22% vs 18%, including an eight-to-one margin within the 'income from a spouse' category." (p.22) Reynolds, S., Ridley, N., & Van Horn, C., Ph.D. (2005, August). A Work-Filled Retirement: Workers' Changing Views on Employment and Leisure. Worktrends, 8.1 (Summer '05). “In this report, American workers across the nation describe their expectations of retirement and their views of how older workers are treated in the workplace…A total of 1,232 adults were interviewed for this survey. Respondents who worked full or part time, or who were unemployed and looking for work, received a complete interview. A total of 432 respondents who did not meet these criteria received a short interview that included demographic questions. The results of this report are based on a total of 800 complete interviews with members of the workforce, including 82 people who have retired from their primary job but remain in the workforce. The final results were weighted to match U.S. Census Bureau estimates for age, educational attainment, gender, and race.” |
Social SecurityStatistic # 1157"For the average earner, retiring at age 62 -- a common retirement age -- Social Security today replaces 33 percent of pre-retirement earnings or 31 percent after deducting the Medicare Part B premium." (p.7) Center for Retirement Research at Boston College. (2006, August). An Update on Private Pensions. Chestnut Hill, MA: Munnell, A.H., and Perun, P. Retrieved on November 1, 2006 from http://www.bc.edu/centers/crr/issues/ib_50.pdf Using primarily the 1980 through 2005 Current Population Survey data, ”this brief…explores who is covered by a pension plan and who is not, how much retirees receive in pension income, and how pension coverage and receipt have changed over time. The key finding is that total pension coverage has continued to shift to 401(k) plans. These developments, coupled with declining levels of earnings replacement under Social Security, mean that future retirees will have to work longer if they want to maintain their pre-retirement standard of living in retirement." (p.1) |
Social SecurityStatistic # 1838According to the 2007 EBRI Retirement Confidence Survey, "fewer than 1 in 10 workers say they are very confident that the Social Security system will continue to provide benefits of at least equal value to the benefits received by retirees today (7 percent), and one-quarter are somewhat confident (24 percent). At the same time, two-thirds are not too (34 percent) or not at all (34 percent) confident that future Social Security benefits will match or exceed the value of today's benefits." (p. 22) Helman, R., VanDerhei, J., & Copeland, C. (2007). The retirement system in transition: The 2007 retirement confidence survey (Issue Brief No. 304). Washington, DC: Employee Benefits Research Institute. Retrieved December 8, 2007 from http://www.ebri.org/pdf/briefspdf/EBRI_IB_04a-20075.pdf These findings are part of the 17th annual Retirement Confidence Survey (RCS), a survey that gauges the views and attitudes of working-age and retired Americans regarding retirement, their preparations for retirement, their confidence with regard to various aspects of retirement, and related issues. The survey was conducted in January 2007 through 21-minute telephone interviews with 1,252 individuals (1,001 workers and 251 retirees) age 25 and older in the United States. |