Social Security By the Numbers

Social Security By the Numbers

From the Center for American Progress,
http://www.americanprogress.org

[The following "by the numbers" data may be especially useful to JFA subscribers for the purpose of writing letters to the editor or to your elected representatives. A link following the data enables you to print out the info on a pocket-sized card for ready reference.]

Social Security By the Numbers
January 25, 2005

As the Bush administration gears up to privatize Social Security, it is hard to keep track of all the numbers circulating in the debate. Here is our quick reference guide to help you keep track of the apples and oranges:

BENEFICIARIES:

Number of Social Security beneficiaries (in 2003): 47 million

Number of early retirees receiving Social Security (in 2002): 21 million

Number of disability benefit recipients (in 2003): 8 million

Number of survivorship benefit recipients (in 2003): 7 million

Number of children receiving Social Security benefits (in 2002): 3.9 million

Number of college students receiving Social Security benefits (in 2002): 123,000

BENEFITS:

Average monthly retirement benefit (in 2002): $914.30

Average monthly disability benefit (in 2002): $898.10

Share of income of 65 year olds coming from Social Security (in 2000): 58 percent

Additional share of over 65 year olds in poverty without Social Security (in 2000): 40 percent.

TRUST FUNDS:

Social Security tax rate: 6.2 percent for employer and employee each, up to income cap

Income cap above which income is not subject to Social Security tax: $90,000

Total Social Security income in 2003: $632 billion

Total Social Security benefit payments in 2003: $471 billion

Social Security surplus in 2003: $153 billion

Social Security trust funds balance in 2003: $1.5 trillion

Interest rate earned on trust fund assets in 2003: 5.9 percent

Administrative costs as share of benefit payments in 2003: 1.0 percent

SOCIAL SECURITY'S FUTURE:

Date at which Social Security uses interest earned on trust funds to pay benefits: 2018

Date at which Social Security uses trust funds assets to pay benefits: 2028

Date at which Social Security requires general funds according to Social Security trustees: 2043

Date at which Social Security requires general funds according to Congressional Budget Office: 2053

Share of benefits that can be paid in 2043 without general revenue finances, according to Social Security trustees: 72 percent

Share of benefits that can be paid in 2053 without general revenues finances, according to Congressional Budget Office: 81 percent

Social Security shortfall over next 75 years as share of gross domestic product (GDP), according to Social Security trustees: 0.7 percent

Social Security shortfall over next 75 years as share of gross domestic product (GDP), according to Congressional Budget Office: 0.4 percent

Size of President Bush's tax cuts relative to Social Security 75-year shortfall, according to Social Security trustees: 3-to-1

Size of President Bush's tax cuts relative to Social Security 75-year shortfall, according to Congressional Budget Office: 5-to-1

LINKS

Link to "Social Security By the Numbers" webpage: http://www.americanprogress.org/site/pp.asp?c=biJRJ8OVF&b=306535

Direct link to PDF that you can print pocket-sized: http://www.americanprogress.org/atf/cf/{E9245FE4-9A2B-43C7-A521-5D6FF2E06E03}/social_security_by_numbers.pdf

Link to all American Progress Social Security resources: http://www.americanprogress.org/socialsecurity

Last Updated on 02/01/05 webmaster@namiscc.org

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