In 2008, the social security office estimates that almost 50 million
Americans will receive nearly $608 billion in Social Security benefits. Besides
being a retirement source for many Americans, it is also the main source of
income for most of the elderly. In December 2007, the average monthly benefit to
retired workers was $1,079. On January 29, 2008, the social security office
released basic facts and statistics about social security, which are presented
below.

Social Security is the major source of income for most of the
elderly.

• Nine out of ten individuals age 65 and older receive Social Security
  benefits.
• Social Security benefits represent 41% of the income of the elderly.
• Among elderly Social Security beneficiaries, 54% of married couples and 74%
  of unmarried persons receive 50% or more of their income from Social
  Security.
• Among elderly Social Security beneficiaries, 21% of married couples and
  about 43% of unmarried persons rely on Social Security for 91% or more of their
  income.

Social Security provides more than just retirement benefits.

Retired workers and their dependents account for 69% of
total benefits paid.

Disabled workers and their dependents account for 18% of total benefits paid.

• About 91 percent of workers age 21-64 in covered employment and their
  families have protection in the event of a long-term disability.
• Almost 3 in 10 of today’s 20 year-olds will become disabled before reaching
  age 67.
• 70% of the private sector workforce has no long-term disability
  insurance.

Survivors of deceased workers account for 13% of total benefits paid.

• One in seven of today’s 20 year-olds will die before reaching age 67.
• About 97% of persons aged 20-49 who worked in covered employment in 2005
  have survivors insurance protection for their young children and the surviving
  spouse caring for the children.

An estimated 165 million workers, 96% of all workers, are covered
under Social Security.

• 52% of the workforce has no private pension coverage.
• 31% of the workforce has no savings set aside specifically for retirement.

In 1935, the life expectancy of a 65-year-old was 12½ years, today
it's 17½ years.

By 2032, there will be almost twice as many older Americans as today
-- from 38 million today to 72 million.

There are currently 3.3 workers for each Social Security beneficiary.
By 2032, there will be 2.1 workers for each beneficiary.