In 2024, an average of almost 68 million Americans per month received a Social Security benefit, totaling about $1.5 trillion in benefits paid during the year.
Snapshot of a Month: June 2024 Beneficiary Data
Retired workers
51.2 million $98.2 billion $1,918 average monthly benefit dependents 2.6 million $2.3 billion
Disabled workers
7.2 million $11.1 billion $1,538 average monthly benefit dependents 1.1 million $0.5 billion
Survivors 5.8 million $8.7 billion $1,508 average monthly benefit
Social Security is the major source of income for most people over age 65.
Nearly nine out of ten people age 65 and older were receiving a Social Security benefit as of June 30, 2024.
Social Security benefits represent about 30% of the income of people over age 65.
Among Social Security beneficiaries age 65 and older, 37% of men and 42% 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 2021 using 2015 data. See this link for more information.
Social Security provides more than just retirement benefits.
Retired workers and their dependents accounted for 77.8% of total benefits paid in 2023.
Disabled workers and their dependents accounted for 11.0% of total benefits paid in
2023.
About 90 percent of workers aged 21-64 in covered employment in 2023 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 worker benefits before reaching age 67.
65% of the private sector workforce has no long-term disability insurance.
Survivors of deceased workers accounted for 11.2% of total benefits paid in 2023.
More than one in eight of today’s 20-year-olds will die before reaching age 67.
About 96% of persons aged 20-49 who worked in covered employment in 2023 have survivors insurance protection for their children under age 18 (and surviving spouses caring for children under age 16).
An estimated 184 million workers will work in OASDI-covered employment in 2024.
31% of the workforce in private sector has no access to private pension coverage.
About two-thirds (63%) 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 1940, the life expectancy of a 65-year-old was almost 14 years; today, it is over 20
years.
The number of Americans 65 and older will increase from about 61 million in 2023 to about 77 million by 2035. 1
In 2023, there are an estimated 2.7 covered workers per each Social Security beneficiary. By 2035, the Trustees estimate there will be 2.4 covered workers for each beneficiary.
1 Note that these values are for the Social Security area population as defined in the Social Security Trustees Report 2024.
www.cdaoffices.com 310-445-3322