For about 1 in 4, Social Security supplies a minimum of 90 percent of their income.
How many retired employees are getting less than $1,000 each month in Social Security advantages? The concern turned up and I was curious adequate to discover the response, and download the data into an Excel spreadsheet which I conserved as a PDF that you can examine here. Note that this data is for the 46.5 million retired workers just, and does not include advantages paid to survivors, partners, disabled, etc.
. This resulted in a deep dive into the basic varieties of Social Security beneficiaries and expenditures, which are summarized in the chart below. Here are the essentials:
Population of the United States: 331 million
Social Security beneficiaries: 69.8 million (21% of the population)
Retired workers: 46.5 million (14% of the population)
Survivors and spouses: 8.7 million
Disabled workers and families: 9.4 million
SSI special needs: 5.2 million
Projected yearly cost 2021: $1.1 trillion
It ends up that 23.4% of all retired workers receive less than $1,000 a month in Social Security (SSA) advantages. Note that $148.50 is deducted monthly from the SSA advantage for Medicare Part B for retirees age 65 and older, so the net cash received is $148.50 less than the complete advantage for everyone in Medicare (age 65 and older).
Roughly half of all retired workers receive $1,500 or less each month.
76% of all retired employees get less than $2,000 a month.
91% of all retired employees receive less than $2,500 a month.
98% of all retired employees get less than $3,000 a month.
4,201 beneficiaries receive $4,000 or more each month.
For roughly half of the senior, Social Security offers half of their earnings, and for about 1 in 4, it offers at least 90 percent of their earnings. The top 10% of senior homes take pleasure in average incomes of about $230,000. Social Security Advantages Are Modest (Center on Budget and Policy Concerns)
In summary, few are living big on Social Security advantages.
The chart listed below portrays the accelerating expenses of SSA retirement and impairment benefits. As a standard, I extended the SSA expenses in 1980, 1990 and 2000 if the expenditures had actually tracked inflation, as determined by the Bureau of Labor Stats (BLS). Clearly, the programs’ expenses are increasing faster than inflation as the variety of retirees and handicapped expands.
You can find further data on these Social Security Administration pages:
Retired employee recipients in existing payment status at the end of December 2020
Social Security Administration Monthly Analytical Photo, April 2021
If you discovered value in this content, please join me in seeking services by becoming a $1/month patron of my work by means of patreon.com.
My new book is available! A Hacker’s Teleology: Sharing the Wealth of Our Diminishing Planet 20% and 15% discounts (Kindle $7, print $17, audiobook now readily available $17.46)
Read excerpts of the book free of charge (PDF).
The Story Behind the Book and the Intro.
Recent Podcasts:
Charles Hugh Smith on the Age of Speeding Up Expropriations (38 min) (FRA Roundtable Insight)
Covid Has Triggered The Next Great Financial Crisis (34:46)
My recent books:
A Hacker’s Teleology: Sharing the Wealth of Our Diminishing Planet (Kindle $8.95, print $20, audiobook $17.46) Read the very first area for free (PDF).
Will You Be Richer or Poorer?: Earnings, Power, and AI in a Traumatized World
(Kindle $5, print $10, audiobook) Read the very first section totally free (PDF).
Pathfinding our Fate: Avoiding the Last Fall of Our Democratic Republic ($5 (Kindle), $10 (print), ( audiobook): Check out the first section free of charge (PDF).
The Experiences of the Consulting Philosopher: The Disappearance of Drake $1.29 (Kindle), $8.95 (print); read the very first chapters for free (PDF)
Money and Work Unchained $6.95 (Kindle), $15 (print) Read the first section free of charge (PDF).
End up being a $1/month customer of my work through patreon.com.
KEEP IN MIND: Contributions/subscriptions are acknowledged in the order received. Your name and email remain private and will not be given to any other individual, business or firm.
|
Thank you, Kwai H. ($5/month), for your marvelously generous subscription to this website– I am considerably honored by your support and readership. |
Thank you |
, Saw-Whet Farm ($50), for your splendidly generous contribution to this site– I am significantly honored by your support and readership. |