20 Facts about US Social Security

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According to the monthly Social Security Administration report, as of February, more than 61,1 million Americans received social benefits. It is expected that the number will grow due to the baby boom. Good or not, social security is a vital program for the United States.

Social security is a complex support system for both working Americans and people of retirement age. Given this, we offer 20 facts about social insurance in numbers.

1. 41,51 млн

Monthly social security receives more than 61 million people. The program was invented in the middle of 1930's. As of February 2017, social benefits received 41,51 million retirees, that is, two thirds of the total number of 61 million Americans.

2. 40 credits

To receive social benefits upon retirement, you need to collect 40 loans for work. For the year you can earn a maximum 4 loan. This means that in order to receive such social security, you need to work for at least 10 years.

3. $1300

Although the amount varies from year to year due to the level of inflation, it is just how much it costs one working loan.

4. 61%

61% of retired workers expect their benefits to be at least half of their monthly income.

5. $1,363,66

As of February 2017, the retiree received a monthly $ 1 363,66 social benefit monthly. In the year it is $ 16,363.92

6. $1,123.12

Social benefits are not only pensioners. As of February 2017, 6 million non-retirement Americans received social security, which averaged $ 1,123.12 monthly.

7. $1,032.25

Employees also receive social benefits if they become disabled for life. This category receives $ 1,032.25 social benefits monthly.

8. 15,2%

According to statistics, 10% of Americans receiving social security are below the poverty line. Another 5,2% are “close to poor.”

9. 35 years

When forming the amount of social benefit, 35 years of experience with the most profitable years are taken into account.

10. 66 years, 2 months

Full retirement age - the age at which a person is entitled to receive 100% -month benefits. He is now 66 years and 2 months.

11. 8%

For each year when a person postpones receipt of social benefits, possible payments increase by 8%.

12. 62 years

The earliest age when a person can start receiving social benefits is 62.

13. 60%

Approximately 60% of older people apply for benefits until they reach full retirement age.

14. 70 years

Upon reaching 70 years, social benefits will no longer be postponed - annual interest bonuses are no longer charged.

15. 12 months

During the first 12 months from the date of application for early social benefits, this application can be canceled.

16. $ 2

Regardless of length of service or level of earnings, you will not be able to receive social benefits above $ 2 687 for retirement.

17. 12.4%

Social Security tax - 12,4% income tax.

18. $ 127

The social security tax is levied on earnings from $ 0,01 to $ 127 200.

19. $ 31 billion

In 2015, the social insurance fund received $ 31 billion due to taxes on social benefits.

20. 2034

By 2034, all social insurance trusts in the amount of $ 2,8 trillion will be exhausted, so you have to reform the entire insurance system.

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