Social Security: 10 Facts You Must Know
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Social Security: 10 Facts You Must Know

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Social Security is a very important part of your retirement planning, and it's important to know all the facts about benefits you'll receive, taxes you pay, and whether Social Security will be there ...

Social Security is a very important part of your retirement planning, and it's important to know all the facts about benefits you'll receive, taxes you pay, and whether Social Security will be there for you when you need it.

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Social Security: 10 Facts You Must Know Social Security: 10 Facts You Must Know Presentation Transcript

  • Social Security: 10 Facts You Must Know
  • 1. Social Security Is Incredibly Important. • 38 million retired workers. • 9 million survivors and dependents. • 11 million disabled workers and dependents. In 2014, over 59 million Americans will receive Social Security:
  • 2. The Elderly Rely on Social Security. • Nine of 10 people age 65 or older get Social Security benefits. • Benefits make up 38% of income. • Half of married couples and three-quarters of singles get at least half their retirement income from Social Security. Social Security is the major income source for older Americans. Source: DavidYork71 and Mike Gravel, via Wikimedia Commons.
  • 3. Workers Also Count on Social Security. • Social Security covers 165 million workers. • More than half of workers have no private pension coverage. • More than a third of workers have no personal retirement savings. Today’s workforce is also relying on Social Security being there in retirement. Source: Wikimedia Commons.
  • 4. But Social Security Isn’t Just for Retirees. • 90% of workers have Social Security disability insurance protection. • One in four 20-year-olds will become disabled before full retirement age. • More than two-thirds of workers have no private long-term disability coverage. 16% of Social Security benefits go to disabled workers and dependents. Source: U.S. Army.
  • 5. Social Security Taxes Have Risen Over Time. 0% 1% 2% 3% 4% 5% 6% 7% 1937 1939 1941 1943 1945 1947 1949 1951 1953 1955 1957 1959 1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 SocialSecurityTaxRate Year Historical Social Security Tax Rate Social Security Tax Rate
  • 6. So Have the Wages Taxed by Social Security. 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 1937 1939 1941 1943 1945 1947 1949 1951 1953 1955 1957 1959 1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 SocialSecurityWageBase Year Historical Social Security Wage Base Social Security Wage Base
  • 7. But Social Security Has Financial Troubles. • The Social Security Trust Fund is projected to run out of money in 2033. • Once that happens, retirees will only get about 75% of anticipated benefits. Source: Alex E. Proimos via Wikipedia. Social Security relies on its Trust Fund to cover shortfalls between taxes collected and benefits paid.
  • 8. Demographics Have Hurt Social Security. • In 1950, there were 16 workers per Social Security recipient. • In 1960, there were 5 workers per recipient. • Now, there are 2.8 workers per recipient. • In 2033, there will be 2.1 workers per recipient.Image: Flickr source. Fewer workers support more recipients of Social Security benefits.
  • 9. Social Security Pays Big Benefits. • Retired workers receive $1,294 on average monthly. • Survivors’ benefits average $1,244 per month. In 2014, Americans will receive $863 billion in Social Security benefits.
  • 10. When You Take Social Security Matters. Benefits can be more than 75% higher if you wait until age 70 versus taking them early at age 62.
  • How to Get More Income During Retirement Social Security plays a key role in your financial security, but it’s not the only way to boost your retirement income. Our retirement experts give their insight on a simple strategy to take advantage of a little-known IRS rule that can help ensure a more comfortable retirement for you and your family.