Did You Know That… 63.2 million people received benefits from programs administered by the Social Security Administration ( SSA ) in 2013. 5.5 million people were newly awarded Social Security benefits in 2013. 65% of aged beneficiaries received at least half of their income from Social Security in 2012. 55% of adult Social Security beneficiaries in 2013 were women. 53.5 was the average age of disabled-worker beneficiaries in 2013. 86% of Supplemental Security Income ( SSI ) recipients received payments because of disability or blindness in 2013. Next page

General Information Tax rates, 2014 (in percent) Program Employee Employer Self-employed Total 7.65 7.65 15.30 OASI 5.30 5.30 10.60 DI 0.90 0.90 1.80 HI a 1.45 1.45 a 2.90 a. Earned income exceeding $200,000 for individual filers and $250,000 for married couples filing jointly is subject to an additional HI tax of 0.90 percent. Taxes payable, 2014 (in dollars) Type of earner OASI DI HI Average 2,480 421 678 Maximum 6,201 1,053 No limit Self-employed maximum 12,402 2,106 No limit Maximum earnings subject to Social Security taxes, 2014 (in dollars) Program Amount OASDI 117,000 HI No limit Earnings required for work credits, 2014: $1,200 for one work credit (one quarter of coverage) NOTE: A worker may earn a maximum of four credits a year. Doing so in 2014, therefore, requires $4,800 in earnings. Previous pageNext page

Benefit payments as a percentage of gross domestic product, 2012–2013 Calendar year Total OASI DI 2012 4.84 4.00 0.83 2013 4.86 4.04 0.82 NOTES: Figures are subject to change. Totals do not necessarily equal the sum of rounded components. Cost-of-living adjustment, 2014: 1.5% Age for full retirement benefit for retired workers Year of birth Full retirement age ( FRA ) 1937 and earlier 65 1938 65 and 2 months 1939 65 and 4 months 1940 65 and 6 months 1941 65 and 8 months 1942 65 and 10 months 1943–1954 66 1955 66 and 2 months 1956 66 and 4 months 1957 66 and 6 months 1958 66 and 8 months 1959 66 and 10 months 1960 and later 67 Maximum monthly Social Security benefit: $2,642 for workers retiring at FRA in 2014 NOTE: Higher benefits are possible for those who work or delay benefit receipt after reaching FRA . Benefit formula bend points (for workers with first eligibility in 2014): Primary insurance amount ( PIA ) equals

90% of the first $816 of average indexed monthly earnings ( AIME ), plus

32% of AIME over $816 through $4,917, plus

15% of AIME over $4,917 Average wage index, 2012–2014 Year Dollars Increase from previous year (in percent) 2012 44,321.67 3.1 2013 (estimated) 45,128.76 1.8 2014 (estimated) 46,786.77 3.7 Exempt amounts under the retirement earnings test, 2014 (in dollars) Age of retired person in 2014 Annually Monthly Under FRA ($1 for $2 withholding rate) 15,480 1,290 FRA ($1 for $3 withholding rate) a 41,400 3,450 Above FRA No limit No limit NOTE: Retired-worker beneficiaries younger than FRA have some of their benefit withheld if they have earnings above the exempt amounts. a. The test applies only to earnings made in months prior to the month of attainment of FRA . Previous pageNext page

SSI payment rates and resource limits, January 2014 (in dollars) Program aspect Individual Couple Federal benefit rate 721 1,082 Resource limit 2,000 3,000 Monthly earnings levels affecting disability program eligibility, 2014 (in dollars) Determinant Monthly amount Substantial gainful activity For nonblind persons 1,070 For blind persons 1,800 Trial work period 770 Previous pageNext page

Trust fund operations, 2013–2014 (in billions of dollars) Calendar year and trust fund Income Outgo Fund at end of year 2013 (actual) Total 855.0 822.9 2,764.4 OASI 743.8 679.5 2,674.0 DI 111.2 143.4 90.4 2014 (estimated) Total 882.4 863.1 2,783.7 OASI 768.0 716.4 2,725.5 DI 114.4 146.7 58.2 NOTE: Totals do not necessarily equal the sum of rounded components. Previous pageNext page

Poverty thresholds, 2013 (in dollars) Family unit Amount Aged individual 11,892 Family of two, aged head 15,156 Family of four 23,836 SOURCE: U.S. Census Bureau as of January 2014 (preliminary estimates). OASDI administrative expenses: Costs were 0.7% of contributions in calendar year 2013 Workload, fiscal year 2013 (in millions) Type of filing Number OASI claims 5.0 DI claims 3.2 SSI applications 2.6 Previous pageNext page

Income of the Aged Population Income Levels, 1962 and 2012 Median annual income for married couples and nonmarried persons aged 65 or older has increased markedly since 1962 (the earliest year for which data are available). Even after adjusting for inflation, median income has risen 123% for married couples and 113% for nonmarried persons. A married couple is aged 65 or older if the husband is aged 65 or older or if the husband is aged 54 or younger and the wife is 65 or older. Median income of aged units, by marital status (in 2012 dollars) SOURCES: Data for 1962 are from SSA , The Aged Population of the United States: The 1963 Social Security Survey of the Aged (1967). Data for 2012 are SSA calculations from the March 2013 Annual Social and Economic Supplement to the Current Population Survey. NOTE: An aged unit is a married couple living together or a nonmarried person, which also includes persons who are separated or married but not living together. Previous pageNext page

Sources of Income, 1962 and 2012 Social Security benefits—the most common source of income for married couples and nonmarried persons aged 65 or older in 1962—are now almost universal. The proportion of the aged population with asset income—the next most common source—is similar to that in 1962. Over the 50-year period, receipt of private pensions has tripled, and receipt of government pensions has increased by more than 50%. The proportion of couples and nonmarried persons aged 65 or older who had earnings was smaller in 2012 than in 1962. Percentage of aged units receiving income, by source SOURCES: Data for 1962 are from SSA , The Aged Population of the United States: The 1963 Social Security Survey of the Aged (1967). Data for 2012 are SSA calculations from the March 2013 Annual Social and Economic Supplement to the Current Population Survey. NOTE: An aged unit is a married couple living together or a nonmarried person, which also includes persons who are separated or married but not living together. Previous pageNext page

Shares of Aggregate Income, by Source, 1962 and 2012 In 1962, Social Security, earnings, income from assets, and government employee and private pensions made up only 85% of the aggregate total income of couples and nonmarried persons aged 65 or older, compared with 97% in 2012. The shares from Social Security, earnings, government employee pensions, and private pensions have increased since 1962, while the share from asset income has declined. Aggregate income, by source SOURCES: Data for 1962 are from SSA , The Aged Population of the United States: The 1963 Social Security Survey of the Aged (1967). Data for 2012 are SSA calculations from the March 2013 Annual Social and Economic Supplement to the Current Population Survey. NOTES: The unit of analysis is the aged unit, defined as a married couple living together or a nonmarried person, which also includes persons who are separated or married but not living together. Data for 1962 have been revised to reflect a slight refinement of the income category definitions. Previous pageNext page

Relative Importance of Social Security, 2012 In 2012, 87% of married couples and 86% of nonmarried persons aged 65 or older received Social Security benefits. Social Security was the major source of income (providing at least 50% of total income) for 52% of aged beneficiary couples and 74% of aged nonmarried beneficiaries. It was 90% or more of income for 22% of aged beneficiary couples and 47% of aged nonmarried beneficiaries. Total income excludes withdrawals from savings and nonannuitized IRA s or 401(k) plans; it also excludes in-kind support, such as Supplemental Nutrition Assistance Program (or SNAP , formerly known as food stamps) benefits and housing and energy assistance. Percentage of aged units receiving Social Security benefits, by relative importance of benefits to total income SOURCE: SSA calculations from the March 2013 Annual Social and Economic Supplement to the Current Population Survey. NOTE: An aged unit is a married couple living together or a nonmarried person, which also includes persons who are separated or married but not living together. Previous pageNext page

Poverty Status Based on Family Income, 2012 The aged poor are those with income below the poverty line. The near poor have income greater than or equal to the poverty line and less than 125% of the poverty line. Nonmarried women and minorities have the highest poverty rates, ranging from 16.5% to 20.6%. Married persons have the lowest poverty rates, with 4.4% poor and 2.8% near poor. Overall, 9.1% are poor and 5.5% are near poor. Poverty status, by marital status, sex of nonmarried persons, race, and Hispanic origin SOURCE: SSA calculations from the March 2013 Annual Social and Economic Supplement to the Current Population Survey. a. Current Population Survey respondents may identify themselves in more than one racial group. The “white alone” and “black alone” categories reflect respondents who reported only one race. Previous pageNext page

OASDI Program Earnings in Covered Employment, 1937–2013 People contribute to Social Security through payroll taxes or self-employment taxes, as required by the Federal Insurance Contributions Act ( FICA ) and the Self-Employment Contributions Act ( SECA ). The maximum taxable amount is updated annually on the basis of increases in the average wage. Of the 163 million workers with earnings in Social Security–covered employment in 2013, about 6% had earnings that equaled or exceeded the maximum amount subject to taxes, compared with 3% when the program began and a peak of 36% in 1965. About 83% of earnings in covered employment were taxable in 2013, compared with 92% in 1937. Taxable earnings as a percentage of earnings in covered employment and percentage of workers with maximum taxable earnings, selected years SOURCE: SSA , Office of the Chief Actuary. Previous pageNext page

Insured Status, 1970–2013 The percentage of persons aged 20 or older who are insured for benefits has remained the same for the past several years. To be fully insured, a worker must have at least one work credit (quarter of coverage) for each year elapsed after age 21 (but no earlier than 1950) and before the year in which he or she attains age 62, becomes disabled, or dies. The maximum number of work credits needed to be fully insured is 40. An individual is said to be permanently insured if he or she has earned 40 work credits. To be insured for disability, the worker must be fully insured and have at least 20 work credits during the last 40 calendar quarters. (Requirements for disability-insured status are somewhat different for persons younger than age 31.) Disability benefits are available up to FRA . Insured workers as a percentage of the corresponding Social Security area population, selected years Year Population aged 20 or older Population aged 20 to FRA a Millions Percentage permanently insured Percentage fully insured Millions Percentage insured for disability 1970 135.0 50 77 113.9 63 1975 147.3 51 80 123.7 66 1980 161.8 53 83 135.2 70 1985 174.9 58 84 145.4 72 1990 185.9 63 86 153.6 75 1995 195.9 66 86 161.3 76 2000 207.0 68 87 171.2 78 2005 218.6 69 87 182.4 78 2010 230.7 69 87 192.0 76 2011 233.3 69 87 193.7 76 2012 235.9 69 87 195.0 76 2013 238.5 69 87 196.0 76 SOURCE: SSA , Office of the Chief Actuary. NOTES: The population in the Social Security area includes residents of the 50 states and the District of Columbia adjusted for net census undercount; civilian residents of American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and U.S. Virgin Islands; federal civilian employees and persons in the U.S. armed forces abroad and their dependents; noncitizens living abroad who are insured for Social Security benefits; and all other U.S. citizens abroad. Figures are subject to revision. a. Insured for disability excludes those who have reached FRA . Previous pageNext page

Insured Status, by Sex, 1970 and 2013 Although men are more likely than women to be insured, the gender gap is shrinking. The proportion of men who are insured has declined slightly since 1970, with 89% fully insured and 78% insured for disability in 2013. By contrast, the proportion of women who are insured has increased dramatically—from 63% to 84% fully insured and from 41% to 73% insured for disability. Percentage of population in the Social Security area fully insured and insured for disability benefits, by sex SOURCE: SSA , Office of the Chief Actuary. NOTES: The population in the Social Security area includes residents of the 50 states and the District of Columbia adjusted for net census undercount; civilian residents of American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and U.S. Virgin Islands; federal civilian employees and persons in the U.S. armed forces abroad and their dependents; noncitizens living abroad who are insured for Social Security benefits; and all other U.S. citizens abroad. Figures are subject to revision. a. Insured for disability excludes those who have reached FRA . Previous pageNext page

New Benefit Awards, 2013 Benefits were awarded to about 5.5 million persons; of those, 50% were retired workers and 16% were disabled workers. The remaining 34% were survivors or the spouses and children of retired or disabled workers. These awards represent not only new entrants to the benefit rolls but also persons already on the rolls who become entitled to a different benefit, particularly conversions of disabled-worker benefits to retired-worker benefits at FRA . New awards, by type of beneficiary Beneficiary Number (thousands) Percent Total 5,533 100 Retired workers and dependents 3,305 60 Workers 2,794 50 Spouses and children 511 9 Disabled workers and dependents 1,367 25 Workers 869 16 Spouses and children 498 9 Survivors of deceased workers 862 16 New awards, 2013 SOURCE: SSA , Master Beneficiary Record, 100 percent data. NOTE: Totals do not necessarily equal the sum of rounded components. Previous pageNext page

New Awards to Workers, 1973–2013 Awards to retired workers have increased considerably over the past four decades, and the increase in awards to disabled workers is nearly as large in proportional terms. The annualized rate of increase over the period from 1973 to 2013 is 1.6% for retired workers and 1.4% for disabled workers. The annual number of awards to retired workers rose from 1.5 million in 1973 to 2.8 million in 2013, while for disabled workers it increased from 492,000 in 1973 to 869,000 in 2013. New awards to retired and disabled workers SOURCE: SSA , Master Beneficiary Record, 100 percent data. Previous pageNext page

Beneficiaries in Current-Payment Status, December 2013 Nearly 58 million beneficiaries were in current-payment status, that is, they were being paid a benefit. Sixty-five percent of those beneficiaries were retired workers and 15% were disabled workers. The remaining 20% were survivors or the spouses and children of retired or disabled workers. Beneficiaries in current-payment status Beneficiary Number (thousands) Percent Total 57,979 100 Retired workers and dependents 40,804 70 Workers 37,893 65 Spouses and children 2,911 5 Disabled workers and dependents 10,986 19 Workers 8,941 15 Spouses and children 2,045 4 Survivors of deceased workers 6,189 11 Beneficiaries, by type SOURCE: SSA , Master Beneficiary Record, 100 percent data. Previous pageNext page

Average Benefit Amounts, 2013 Benefits payable to workers who retire at the FRA and to disabled workers are equal to 100% of the PIA (subject to any applicable deductions). At the FRA , widow(er)s' benefits are also payable at 100% of the insured worker's PIA . Nondisabled widow(er)s can receive reduced benefits at age 60. Disabled widow(er)s can receive reduced benefits at age 50. Spouses, children, and parents receive a smaller proportion of the worker's PIA than do widow(er)s. Average monthly benefit for new awards and for benefits in current-payment status (in dollars) Beneficiary New awards Benefits in

current-payment

status, December Retired workers 1,334 1,294 Spouses 535 648 Children 596 632 Disabled workers 1,222 1,146 Spouses 334 308 Children 324 341 Survivors of deceased workers Nondisabled widow(er)s 991 1,244 Disabled widow(er)s 684 717 Widowed mothers and fathers 882 918 Surviving children 806 814 Parents 969 1,094 SOURCE: SSA , Master Beneficiary Record, 100 percent data. Previous pageNext page

Beneficiaries, by Age, December 2013 About four-fifths of all OASDI beneficiaries in current-payment status were aged 62 or older, including 22 percent aged 75–84 and 10 percent aged 85 or older. About 15 percent were persons aged 18–61 receiving benefits as disabled workers, survivors, or dependents. Another 6 percent were children under age 18. Beneficiaries, by age SOURCE: SSA , Master Beneficiary Record, 100 percent data. Previous pageNext page

Age of Disabled and Retired Workers, 1960–2013 The average age of disabled-worker beneficiaries in current-payment status has declined substantially since 1960, when DI benefits first became available to persons younger than age 50. In that year, the average age of a disabled worker was 57.2 years. The rapid drop in average age in the following years reflects a growing number of awards to workers under 50. By 1995, the average age had fallen to a low of 49.8, and by 2013, it had risen to 53.5. By contrast, the average age of retired workers has changed little over time, rising from 72.4 in 1960 to 73.7 in 2013. Average age of disabled-worker and retired-worker beneficiaries, selected years SOURCE: SSA , Master Beneficiary Record, 10 percent sample for 1990–2005 and 100 percent data for all other years. Previous pageNext page

Beneficiaries, by Sex, December 2013 Of all adults receiving monthly Social Security benefits, 45% were men and 55% were women. Eighty percent of the men and 63% of the women received retired-worker benefits. Fourteen percent of the women received survivor benefits. Adult beneficiaries, by type of beneficiary and sex SOURCE: SSA , Master Beneficiary Record, 100 percent data. NOTE: Totals do not necessarily equal the sum of rounded components. a. Less than 0.5 percent of men received benefits as survivors (widowers or fathers) or as spouses of retired and disabled workers. Previous pageNext page

Average Monthly Benefit, by Sex, December 2013 Among retired and disabled workers who collected benefits based on their own work records, men received a higher average monthly benefit than did women. For those with benefits based on another person's work record (spouses and survivors), women had higher average benefits. Average monthly benefit (in dollars) Beneficiary Men Women Workers Retired 1,451 1,134 Disabled 1,271 1,011 Spouses of— Retired workers 474 655 Disabled workers 283 309 Survivors of deceased workers Nondisabled widow(er)s 1,084 1,248 Disabled widow(er)s 526 729 Mothers and fathers 788 929 SOURCE: SSA , Master Beneficiary Record, 100 percent data. Previous pageNext page

Women Beneficiaries, 1940–2013 The proportion of women among retired-worker beneficiaries has quadrupled since 1940. The percentage climbed from 12% in 1940 to 47% in 1980, 48% in 1990, and 50% in 2013. The proportion of women among disabled-worker beneficiaries has more than doubled since 1957, when DI benefits first became payable. The percentage rose steadily from 19% in 1957 to 35% in 1990 and 48% in 2013. Women beneficiaries as a percentage of retired workers and disabled workers, selected years SOURCE: SSA , Master Beneficiary Record, 100 percent data. Previous pageNext page

Women with Dual Entitlement, 1960–2013 The proportion of women aged 62 or older who are receiving benefits as dependents (that is, on the basis of their husbands' earnings record only) has been declining—from 57% in 1960 to 23% in 2013. At the same time, the proportion of women with dual entitlement (that is, paid on the basis of both their own earnings records and those of their husbands) has been increasing—from 5% in 1960 to 27% in 2013. Women aged 62 or older, by basis of entitlement, selected years SOURCE: SSA , Master Beneficiary Record. All data for 2005 and dual entitlement data for 1995 and 2000 are based on a 10 percent sample. All other years are 100 percent data. Previous pageNext page

Child Beneficiaries, December 2013 More than 3.4 million children under age 18 and students aged 18–19 received OASDI benefits. Children of deceased workers had the highest average payments, in part because they are eligible to receive monthly benefits based on 75% of the worker's PIA , compared with 50% for children of retired or disabled workers. Overall, the average monthly benefit amount for children was $541. Number of and average monthly benefit for children of worker beneficiaries Number of children of— Average monthly benefit for children of— SOURCE: SSA , Master Beneficiary Record, 100 percent data. Previous pageNext page

SSI Program Number of Recipients, 1974–2013 The Supplemental Security Income ( SSI ) program provides income support to needy persons aged 65 or older, blind or disabled adults, and blind or disabled children. Eligibility requirements and federal payment standards are nationally uniform. SSI replaced the former federal/state adult assistance programs in the 50 states and the District of Columbia. Payments under SSI began in January 1974, with 3.2 million persons receiving federally administered payments. By December 1974, this number had risen to nearly 4 million and remained at about that level until the mid-1980s, then rose steadily, reaching nearly 6 million in 1993 and 7 million by the end of 2004. As of December 2013, the number of recipients was about 8.4 million. Of this total, almost 4.9 million were between the ages of 18 and 64, 2.1 million were aged 65 or older, and 1.3 million were under age 18. Persons receiving federally administered SSI payments, December SOURCE: SSA , Supplemental Security Record, 100 percent data. Previous pageNext page

Payment Amounts, by Age, December 2013 The average monthly federally administered SSI payment was $529. Payments varied by age group, ranging from an average of $631 for recipients aged under 18 to $425 for those aged 65 or older. The maximum federal benefit rate in December 2013 was $710 for an individual and $1,066 for a couple, plus any applicable state supplementation. Average monthly federally administered SSI payment SOURCE: SSA , Supplemental Security Record, 100 percent data. NOTE: Amounts exclude retroactive payments. Previous pageNext page

Federally Administered Payments, December 2013 A total of 8.4 million persons received federally administered SSI payments. The majority received federal SSI only. States have the option of supplementing the federal benefit rate and are required to do so if that rate is less than the income the recipient would have had under the former state program. Type of SSI payment SOURCE: SSA , Supplemental Security Record, 100 percent data. Previous pageNext page

Basis for Eligibility and Age of Recipients, December 2013 Fourteen percent of SSI recipients received benefits on the basis of age and the rest qualified on the basis of disability. Twenty-five percent of the recipients were aged 65 or older. In the SSI program, a disabled recipient is still classified as “disabled” after reaching age 65. In the OASDI program, DI beneficiaries are converted to the retirement program when they attain FRA . SSI recipients, by basis for eligibility and age SOURCE: SSA , Supplemental Security Record, 100 percent data. Previous pageNext page

Percentage Distribution of Recipients, by Age, 1974–2013 The proportion of SSI recipients aged 65 or older has declined from 61% in January 1974 to 25% in December 2013. The overall long-term growth of the SSI program has occurred because of an increase in the number of disabled recipients, most of whom are under age 65. Percentage distribution of SSI recipients, by age, December SOURCE: SSA , Supplemental Security Record, 100 percent data. Previous pageNext page

Recipients, by Sex and Age, December 2013 Overall, 53% of the approximately 8.4 million SSI recipients were women, but that percentage varied greatly by age group. Women accounted for 67% of the 2.1 million recipients aged 65 or older, 53% of the 4.9 million recipients aged 18–64, and 33% of the 1.3 million recipients under age 18. SSI recipients, by sex and age SOURCE: SSA , Supplemental Security Record, 100 percent data. Previous pageNext page

Other Income, December 2013 Almost 56 percent of SSI recipients aged 65 or older received OASDI benefits, as did 30.4% of those aged 18–64 and 7.6% of those under age 18. Other types of unearned income, such as income from assets, were reported most frequently among those under age 18 (20.4%) and those aged 65 or older (11.2%). Earned income was most prevalent (4.7%) among those aged 18–64. Other income of SSI recipients, by source and age SOURCE: SSA , Supplemental Security Record, 100 percent data. Previous pageNext page

Child Recipients, 1974–2013 In 1974, when the program began, 70,900 blind and disabled children were receiving SSI . That number increased to 955,000 in 1996, declined to 847,000 in 2000, and is now 1,321,681. The relatively high average payment to children (compared with payments made to blind and disabled adults) is due in part to a limited amount of other countable income. The spike in average monthly benefits in 1992 is due to retroactive payments resulting from the Sullivan v. Zebley decision. As of December 2013, blind and disabled children were receiving SSI payments averaging $631. Number of children under age 18 receiving SSI Average monthly SSI payment to children under age 18 a SOURCE: SSA , Supplemental Security Record, 100 percent data. a. As of 1998, these figures exclude retroactive payments. Previous pageNext page

Cross-Program Beneficiaries All Beneficiaries, December 2013 About 63.2 million people received a payment from one or more programs administered by SSA . Most (54.8 million) received OASDI benefits only, about 5.6 million received SSI only, and 2.8 million received payments from both programs. Beneficiaries receiving OASDI , SSI , or both Benefit Number (thousands) Total (unduplicated) 63,169 OASDI 57,576 OASDI only 54,805 SSI 8,363 SSI only 5,593 Both OASDI and SSI 2,771 Distribution of all beneficiaries SOURCES: SSA , Master Beneficiary Record and Supplemental Security Record, 100 percent data. NOTES: OASDI beneficiaries who are entitled to both a primary and a secondary benefit (dual entitlement) are counted only once. SSI includes federal SSI payments and federally administered state supplementation. Totals do not necessarily equal the sum of rounded components. Previous pageNext page

Beneficiaries Aged 65 or Older, December 2013 Benefits were paid to 41.7 million people aged 65 or older. Nearly 1.2 million received both OASDI and SSI . Beneficiaries aged 65 or older receiving OASDI , SSI , or both Beneficiary Number (thousands) Total (unduplicated) 41,717 OASDI 40,786 Retired workers 34,725 Disabled workers 455 Spouses 2,083 Widow(er)s a 3,438 Disabled adult children 85 OASDI only 39,610 SSI b 2,108 Receiving SSI only 931 Receiving both OASDI and SSI 1,177 Distribution of beneficiaries aged 65 or older, by program SOURCES: SSA , Master Beneficiary Record and Supplemental Security Record, 100 percent data. NOTES: OASDI beneficiaries who are entitled to both a primary and a secondary benefit (dual entitlement) are counted only once. SSI includes federal SSI payments and federally administered state supplementation. Totals do not necessarily equal the sum of rounded components. a. Includes persons who received dependent parent's benefits or mother's and father's benefits. b. Includes 950,500 SSI beneficiaries aged 65 or older who are disabled or blind. Previous pageNext page

Disabled Beneficiaries Aged 18–64, December 2013 Payments were made to 12.9 million people aged 18–64 on the basis of their own disability. Sixty-two percent received disability payments from the OASDI program only, 27% received payments from the SSI program only, and 11% received payments from both programs. Disabled beneficiaries aged 18–64 receiving OASDI , SSI , or both Beneficiary Number (thousands) Total (unduplicated) 12,937 OASDI disability 9,409 Workers aged 64 or younger 8,469 Disabled adult children 827 Widow(er)s 112 OASDI disability only 8,002 SSI disability 4,934 Receiving SSI disability only 3,528 Receiving both OASDI and SSI disability 1,407 Distribution of disabled beneficiaries aged 18–64 SOURCES: SSA , Master Beneficiary Record and Supplemental Security Record, 100 percent data. NOTES: OASDI beneficiaries who are entitled to both a primary and a secondary benefit (dual entitlement) are counted only once. SSI includes federal SSI payments and federally administered state supplementation. Totals do not necessarily equal the sum of rounded components. Previous pageNext page

Social Security Financing How Social Security Is Financed Social Security is largely a pay-as-you-go program. Most of the payroll taxes collected from today's workers are used to pay benefits to today's recipients. In 2013, the Old-Age and Survivors Insurance and Disability Insurance Trust Funds collected $855.0 billion in revenues. Of that amount, 85.5% was from payroll tax contributions and reimbursements from the General Fund of the Treasury and 2.5% was from income taxes on Social Security benefits. Interest earned on the government bonds held by the trust funds provided the remaining 12.0% of income. Assets increased in 2013 because total income exceeded expenditures for benefit payments and administrative expenses. Sources and uses of Social Security revenues in 2013 SOURCE: 2014 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds, Table II .B1. Previous pageNext page

Social Security's Demographic Challenge The 2014 Trustees Report projects that the number of retired workers will grow rapidly, as members of the post–World War II baby boom continue to reach retirement age in continuously increasing numbers. The population of retirees is projected to double in about 50 years. People are also living longer, and the birth rate is low. As a result, the Trustees project that the ratio of 2.8 workers paying Social Security taxes to each person collecting benefits in 2013 will fall to 2.1 to 1 in 2032. In 2010, tax and other noninterest income did not fully cover program cost, and the 2014 Trustees Report projects that this pattern will continue for at least 75 years if no changes are made to the program. However, the Trustees also project that redemption of trust fund assets will be sufficient to allow for full payment of scheduled benefits through 2032. Ratio of covered workers to Social Security beneficiaries SOURCE: 2014 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds, Table IV .B2 (intermediate assumptions). Previous pageNext page