12 things the SSA Wants You to Know

Social Security is the most important social program for seniors, yet one of the biggest issues with Social Security, year in and year out, is a lack of understanding of the program. Here are 12 facts the SSA wants you to know about Social Security.

  1. Over 62 million Americans will receive $955 billion in benefits in 2017.
  2. 171 million workers are covered by Social Security.
  3. Retired workers account for 71% of benefits paid.
  4. Disabled workers and survivors comprise the remainder.
  5. Approximately 90% of workers are protected in the event of a long-term disability.
  6. Roughly 96% of those aged 20 to 49 have survivors insurance protection.
  7. 61% of seniors rely on Social Security for half their income.
  8. 43% of unmarried seniors are almost wholly reliant on Social Security.
  9. The average 65-year old will live about 20 years.
  10. The elderly population is set to grow by 65% in 18 years.
  11. The worker-to-beneficiary ratio will decline by 21% by 2035.
  12. 31% of workers report having no money set aside for retirement.

But here is the most important lesson: Social Security was never designed to be your primary source of income during retirement.

Read the full article on USAToday.com

Credit to USA Today, The Motley Fool
12 facts the Social Security Administration wants you to know
By Sean Williams, The Motley Fool, Sept. 5, 2017