The Social Security Administration (SSA) released their 2016 edition of Fast Facts & Figures about Social Security, which highlights data for Social Security and Supplemental Security Income (SSI) benefits. We have listed some highlights for you below.
Current Social Security Benefit Statistics
- 85% of married couples and 84% of single people 65 years or older received Social Security benefits in 2014.
- 48% of aged beneficiary couples and 71% of aged unmarried beneficiaries count on Social Security as their major source of income (Social Security provides over 50% of total income).
- Social Security benefits provide 90% or more of total income for 21% of aged beneficiary couples and 43% of aged non-married beneficiaries.
New Benefit Award Statistics for 2015
Social Security benefits were awarded to approximately 5.4 million people nationwide in 2015. Of those, 14% were disabled workers and another 52% were retired. Survivors or spouses account for the remaining 34%. These numbers include anyone who received new benefits, including if the individual was reclassified and entitled to different benefits.
New Social Security Benefit Awards by Type of Beneficiary
Retirees & Dependents 3,305,000 (63%)
- Retired Workers = 2,794,000 (52%)
- Spouses & Children = 511,000 (10%)
Disabled Workers & Dependents = 1,367,000 (21%)
- Disabled Workers = 869,000 (14%)
- Disabled Workers’ Spouses & Children = 498,000 (8%)
Survivors of Deceased Workers = 862,000 (16%)
Beneficiaries by Age
- Under 18 = 5%
- 18-61 = 14%
- 62-64 = 9%
- 65-74 = 41%
- 75-84 = 22%
- 85 or older = 9%