30+ Social Security Statistics [2023]: Average Social Security Benefit - Zippia (2024)

Research Summary. Millions of current and future retirees rely on social security, one of the largest federal programs in the U.S. Despite this, many Americans don’t exactly realize how big social security is or how exactly it works. Luckily, we’ve done the research, which shows that:

• As of 2022, 66 million Americans receive social security benefits every month.

• As of October 2022, the average Social Security benefit is $1,550.48 per month.

• The annual cost of Social Security is currently $1.2 trillion.

• There are 46.7 million American retirees who receive Social Security.

• Social Security accounts for 4.8% of the U.S. total GDP.

For further analysis, we broke down the data in the following ways:
Types of Benefits | Disability Benefits | Trends | Projections | Retirement Benefits

General Social Security Statistics

Social Security is a huge program in the U.S., consuming trillions in tax dollars to provide for those who can’t work. However, many retirees and disabled Americans find that their Social Security check is cutting it close at best and inadequate for monthly expenses at worst. Here are the facts:

• 25.2% of all American adults receive some form of Social Security.

  That means just over a quarter of all Americans rely on Social Security for monthly payments. More specifically, around 18% of Americans with Social Security are retirees, 3% are disabled, and 2.3% are survivors.

• 6.2% of Social Security is funded through a mandatory payroll tax.

  This entails employers and employees each paying 6.2% out of wages up to the taxable maximum of $147,000. This program was first founded in 1935 as the Federal Insurance Contributions Act (FICA), and the percentage paid in tax hasn’t changed since 1990.

• The projected gap between Social Security payouts and the income it receives is 1.2% over the next 75 years.

  Unfortunately, Social Security isn’t currently earning enough income from taxes and other forms of funding to meet promised benefits.

  For example, Social Security may promise to pay out $1.5 trillion dollars in 2025 but will only make around 1.48 trillion in income. In future years, this will create a major budget deficit that the U.S. government will have to address.

• The average monthly disability benefit is only $1,280.

  Yearly, that means a disabled individual who relies on Social Security as their primary source of income would only make $15,360 per year. That’s only half of the official U.S. family poverty threshold of $31,661.

• As of October 2022, the average Social Security benefit is $1,550.48 per month.

  With the maximum Social Security benefit at $3,345. However, on average, recipients will earn just under $20,000 a year. That puts them over $10,000 under the U.S. family poverty threshold.

Social Security Statistics by Types of Benefits

While retirees do make up the majority of Social Security beneficiaries, there are actually four main types of Social Security. Here are some interesting facts about each of the different types:

• 49.6 million retirees and their dependents received Social Security in 2021.

  Split between 46.7 million retirees and 2.9 million dependents, the average retiree receives $1,555 per month from Social Security. In total, that amounts to only $18,660 per year.

• 5.9 million survivors receive Social Security benefits.

  When the primary earner in a household passes away, family members may be eligible to receive Social Security benefits. In the U.S., about 96% of covered workers between 20 and 49 have survivors insurance protection for their children under age 18 and their spouses.

• 9.5 million disabled workers and their dependents received Social Security in 2021.

  Split between 8.1 million disabled workers and 1.4 million dependents, these recipients make up 13.1% of those on Social Security. Overall, that makes disabled workers the second largest group of Social Security recipients, even if their numbers are only one-fifth that of retirees.

• 8.2 million Americans receive Supplemental Security Income payments.

  Overall, 2.6% of the U.S. population receives SSI payments, and of that percentage, 12.9% are children, 61.4% are working-age adults, and 25.7% are 65+ years old.

Social Security Statistics by Disability Benefits

There are 8.1 million disabled Americans who rely on Social Security to achieve a liveable income. Of course, anyone at any age can be disabled, and there is a wide range of different disabilities someone can struggle with. Knowing that, here are some interesting facts about disability benefits:

• 12 million people between the ages of 18-64 received social security disability payments in 2021.

• 28.5% of Americans aged 18-64 with SSI also receive OASDI benefits.

• 86% of SSI recipients receive payments because of a disability.

• There are over 10 million Americans who qualify for Medicaid based on a disability.

• The top three states with the highest numbers of disability beneficiaries include California (721,879), Texas (660,439), and Florida (639,965).

  See Also

  Misery All Around: Social Security And The Debt CeilingThis Is the Average Social Security Benefit for Age 65 | The Motley FoolSocial Security at 62: Pros and ConsHere's One Silver Lining to Retiring on Social Security Alone | The Motley Fool

Social Security Trends

Starting in the midst of the Great Depression in 1935, Social Security has served as a vital program for millions of Americans. To understand the current state of Social Security, here are some interesting facts about how the program has evolved within the past decades:

• Between 2000-2021, the number of Social Security beneficiaries increased by 43.6%.

  In 2000, there were 45.4 million Social security beneficiaries, compared to 66 million in 2022. Interestingly, in the same 20-year span, the total American population has only increased by 17.8%, meaning that the number of Social Security beneficiaries is increasing faster than the American population.

  Year	Total Beneficiaries (in millions)	Retirees & Dependents	Survivors	Disabled Workers & Dependents
  2000	45.4M	31.7M	6.98M	6.67M
  2001	45.9M	32.0M	6.92M	6.91M
  2002	46.4M	32.3M	6.87M	7.22M
  2003	47.0M	32.6M	6.81M	7.59M
  2004	47.7M	33.0M	6.73M	7.95M
  2005	48.4M	33.5M	6.65M	8.31M
  2006	49.1M	33.9M	6,56M	8.62M
  2007	49.9M	34.4M	6.49M	8.92M
  2008	50.9M	35.2M	6.45M	9.27M
  2009	52.5M	36.4M	6.41M	9.69M
  2010	54.0M	37.5M	6.36M	10.18M
  2011	55.4M	38.5M	6.30M	10.61M
  2012	56.8M	39.6M	6.25M	10.89M
  2013	57.9M	40.8M	6.19M	10.99M
  2014	59.0M	41.9M	6.13M	10.93M
  2015	59.9M	43.1M	6.08M	10.81M
  2016	60.9M	44.3M	6.03M	10.61M
  2017	61.9M	45.5M	5.99M	10.41M
  2018	62.9M	46.8M	5.94M	10.16M
  2019	64.1M	48.2M	5.91M	9.92M
  2020	64.8M	49.3M	5.87M	9.62M
  2021	65.2M	50.1M	5.86M	9.22M

• The average monthly Social Security payout has increased by 96.2% since 2000.

  In 2000, the average monthly payout was only $844.60, and today that number is $1,550.48. While that’s nearly double the payout, it’s also worth mentioning that inflation has also increased by 1.65X since then, meaning that any gains in income are minimal at best.

• From 1995-2011, the U.S. disability prevalence rate increased by 28.6%.

  In 1995, the disability prevalence rate was 3.5%, but since then, it has risen to over 4%. This increase can be attributed to several factors, including an increase in the Social Security retirement age, declining job opportunities for older and disabled workers, and closing the gender pay gap for benefits.

Social Security Projections

With some idea of how Social Security has changed and adapted within the past decade, we can now look forward to the future. According to our research, these are some compelling statistics regarding the possible future of Social Security:

• By 2034, income from payroll deductions will only cover 77% of a retiree’s full monthly benefits.

• If Social Security was cut by 20%, the average monthly benefit would decrease to only $301 each month, or $3,612 per year.

• From 2020-2030, Social Security’s cost as a percentage of GDP will grow by 46.5% (4.3% to 6.3% of total GDP).

• By 2030, Social Security costs expressed as a percentage of taxable payroll may grow to 19.29%.

• A high-cost depletion scenario may cause Social Security asset reserves to run out by 2031.

• Instead, a low-cost depletion scenario would take far longer, causing Social Security asset reserves to run out by 2052.

Social Security Statistics by Retirement Benefits

Despite the fact that the average Social Security income puts recipients well below the U.S. poverty line, many retirees, survivors, and disabled individuals still rely on it as their primary source of income. According to our research:

• 15% of women rely on Social Security for over 90% of their income.

  That’s 25% more than men, whose 12% rely on Social Security for over 90% of their income. Either way, those numbers represent millions of people who are surviving on less than $30,000 per year.

• 21% of the married couples on Social Security rely on it for over 90% of their income.

  One-fifth of all married couples on Social Security rely on it for the vast majority of their income. Further, at least half of married couples using the program rely on it for over half of their income.

• 45% of single retirees rely on social security for over 90% of their income.

  Nearly half of the single recipients of Social Security are reliant on it for almost all of their income. Further, at least 70% of them rely on the program for over half of their income.

Social Security Statistics FAQ

1. What percentage of the U.S. population receives social security benefits?

   Around 25% of the adult U.S. population receives some form of Social Security benefit.

   Overall, this is divided into three major groups: retirees, disabled individuals, and survivors. Retirees are by far the largest group, making up 75.2% of beneficiaries. On the other hand, disabled individuals account for 13.1% of beneficiaries, and survivors account for 11.7%.

2. What is the average social security check?

   The average Social Security check is $1,550.48 per month. That equates to around half of the maximum Social Security benefit of $3,345. However, retirees and disabled workers typically receive even less than that average.

   For instance, the average retiree receives $1,555 per month ($18,660 per year), while the average disabled worker receives $1,280 per month ($15,360 per year).

3. How many people receive social security?

   As of 2022, 66 million Americans receive social security benefits every month. That’s up 43.6% from 2000 when there were 45.4 million Social security beneficiaries. Interestingly, in the same 20-year span, the total American population has only increased by 17.8%, meaning that the number of Social Security beneficiaries is increasing faster than the American population.

4. What percentage of retirees live on social security?

   Around 40% of all retirees rely on Social Security to live. In more detail:

   • 15% of women and 12% of men rely on Social Security for over 90% of their income.

   • 21% of the married couples on Social Security rely on it for over 90% of their income.

   • And 45% of single retirees rely on social security for over 90% of their income.

5. Do millionaires get social security?

   Yes, many millionaires and even billionaires can receive Social Security. In fact, Warren Buffett is one of the richest men in the world (worth $127.3 billion), qualified for, and has received Social Security benefits.

   More specifically, if a millionaire or billionaire’s income was greater than the maximum taxable Social Security wages in each of at least 35 years, they could qualify to receive $2,687 per month at age 66. Further, if they wait until age 70, they could be entitled to as much as $3,547 per month.

6. At what age is social security not taxable?

   Typically, Social Security is no longer taxable at ages 65 to 67. The current retirement age in the U.S. is 66, so that’s why you can expect to receive full Social Security retirement benefits tax-free once you hit that age.

   However, it is worth noting that depending on the income you’ve earned, you may or may not be eligible to receive tax-free Social Security by age 62.

7. How much social security retirement will I get if I make $50,000 a year?

   If you make approximately $50,000 per year and retire at 66, you will earn an average of $1,592 per month. However, if you were to choose to retire earlier, at 62 for example, you’d only earn an average of $1,075 per month. And if you waited until 70, you’d receive double that, at $2,081 per month.

8. Does a spouse receive their partner’s social security if they die?

   Yes, a spouse can receive their partner’s social security if that partner dies. In fact, a surviving spouse can collect 100% of a partner’s benefit as a survivor in retirement age. However, the caveat, of course, is that the recipient must be of retirement age.

Conclusion

Social Security is a vital source of income for over 66 million American retirees, survivors, and disabled individuals. In many cases, nearly or over half of these individuals can rely on Social Security for up to 90% of their income.

But is it enough? The fact is that the average Social Security recipient doesn’t earn enough to put them above the poverty line, despite the fact that many rely on the monthly payments as their primary source of income. What’s more, despite the fact that more and more people are in need of Social Security, the program’s current income isn’t projected to keep up with costs.

If left unchecked, severe problems in taxpayer and GDP expenditure could be seen as early as 2031, meaning that the U.S. government has to reform the program.

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