Saving Social Security

Federal revenue for 2024 was $4,910,000,000,000. Expenditures were $6,800,000,000,000. Interest in the National debt was $881,999,000,000 in 2024.     

(Dollars in millions)

SSA                                     $1,520

Medicare                           $ 913

Medicaid                           $ 588    States $914

Interest on debt              $ 882

Total                                   $ 3,903

Revenues                          $4,910

Median salary is $61,984. Average SSA payment $3843.01. in April 2025, 163.94 million people employed. Civilian labor force 171,109 million.

The average Social Security monthly check for retired workers was $1,999.97 as of April 2025. For disabled workers is $1,580 and for survivors is $1,547. SSI beneficiaries receive an average ofv $715.00.

The number of people receiving federal subsidies was 100,000,000 in 2019.

Most of the information was found on Google search engine.

From Social Security (SSA.gov) Fact Sheet

In 2025 an average of almost 69 million Americas per month will receive a Social Security benefit, totaling $1.6 trillion in benefits paid during the year

 

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Snapshot of a Month: December 2024 Beneficiary Data

Retired Workers                            51.8 million       $102.3 billion    $1975 average monthly benefit

               Dependents                     2.6 million          $   2.4 billion     

Disabled workers                          7.2 million          $ 11.4 billion     $1581 average monthly benefits

               Dependents                     1.1 million          $ 0.5 billion

Survivors                                          5.8 million          $ 8.9 billion        $1546 average monthly benefits

Social Security is a source of income for most people over 65.

Nearly nine out of ten people aged 65 as of December 331,2024 older were receiving Social Security benefits.

Social Security benefits represent about 31% of the income of people over 65.

 

Among Social Security beneficiaries age 65 and older, 39%of men and 44% of women receive 50% or more of their income from Social Security.

Among Social Security beneficiaries age 65 and older, 12% of men and 15% of women rely on Social Security for 90% or more of their income.

This information is from research released in 2024 using 2015 data.

Social Security provides more ha just retirement benefits.

Retired workers and their dependents accounted for 78.5% of the total benefits paid in 2024.

Disabled workers and their dependents accounted for 10.5% of the total benefits paid in 2024.

About 90% of workers aged 21 -64 in covered employment in 2024 and their families have protection in the event of a severe and prolonged disability.

About 1 in 4 of today’s 20-year-olds will become disabled and entitled to Social Security disabled benefits before reaching ag 67.

65% of the private sector workforce has no long-term disability insurance.

               Survivors of deceased workers accounted for 11% of total benefits paid in 2024.

                              More than one in eight of today’s 20-year-olds will die before reaching 67.

 About 96% of people aged 20 -49 who worked in covered employment in 2024 have survivors’ insurance protection for their children under the age of 18 (and surviving spouses caring for children under the age of 16).

An estimated 185 million workers will work in OASDI-covered employment in 2025.

               30% of the workforce in the private sector has no access to private coverage.

About two-thirds (66%) of workers report they are currently saving for retirement. Having an employer-sponsored retirement savings plan is a key factor in whether Americans save for retirement. Only 16% of those without access to an employer-sponsored plan said they have any retirement savings.

In 1994 the life expectancy pf a 65-year-old was almost 14 years, today it is over 20 years.

The number of Americans 65n and older will increase from about 61.1 million in 20023 to about 77 million by 2035.

In 2023 there were an estimated 2.7 covered workers per each Social Se3currity beneficiary. By 2035, the Trustees estimate there will be 2.4 workers for each beneficiary.Benefits by Age

(Numbers in thousands)

Benefits By Age 

62 – 69                19,056                Men 8,703         45.7%                  Women 10,354                              54.3%

70 – 84                34,436                Men 15,732       45.7%                  Women 18,704                              54.3%

85 and over       6,110                   Men 2,304         37.7%                  Women 3,806                 62.8%

Total                    59,592                Men 26,739       44.9%                  Women 32,8634               55.1%

Average SSA benefits are $1,976 per month. Retirement benefits $1,872 and survivor benefits $1,509.