Social Security Stats and Basic Facts – 2024 Edition
Category: Disability Law , Social Security
- 02 Jan 2024
- Posted By WebSiteAdmin
The Social Security system is a very large and complex one. For the individual it offers a safety net in case they become disabled early. It also helps to assist a person when they are too old to work. But for the country as a whole the system is very complex and has a lot of moving parts.
SSA employs 60,000 people. It was formed in 1935 on a much more scaled down version of what it is today. Of the 331 million American citizens, roughly 67 million of them are receiving payments from the SSA. The breakdown of who receives these funds looks like this:
- Retired workers and their dependents: 51 million people
- Disabled workers and their dependents: 9 million people
- Survivors: 7 million people
The total amount disbursed is roughly $112B per year.
- Roughly 90% of people aged 65 or older receive SS payments.
- Social Security represents roughly 30% of all income for those 65 and older.
- For 15% of those 65 or older, Social Security is their only source of income.
Population by the Number
In the year 1940, life expectancy for people 65 years of age was only 14 years. Today that number is almost 20 years. Today, there are 58 million Americans over 65 years old. That number will increase dramatically and by the year 2035 it will be over 75 million.
What You Should Know
From your very first paycheck, you have been paying into the system. They have collected your funds and when you turn 62 you can start having access to them. This is your money and you have a right to it.
If you apply for SS help before the age of 62 there will most likely be some resistance. The administration gets phony applications all the time. It is important you build a case as to why you need access to those funds. You can go at it alone or you can hire a professional attorney to help. An attorney knows exactly what needs to be done and gives you the best shot at being approved. They are capped at how much they can make from your case.
There is great concern by the population that SS will run out of money by the time they are due to collect. But, we can assure you that it will not run out. If anything, they will reduce benefit amounts well before it runs out of money. It is up to lawmakers to figure out a solution to keep the system going.
The key things to remember is that you are entitled to this money. That is why it is called an “entitlement”. Also, an attorney will almost always help your situation. They are licensed and highly regulated in this field.
