(Not) Living Large on Social Security

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

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