GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
Thats more than the entire annual GDP for many countries.
But even those gargantuan numbers arent the most striking statistics regarding the biggest program forretireesin Americas social safety net.
Heres a look at 10 astonishingstatistics about Social Security.
No anti-poverty program in America can boast a comparably successful track record.
The number of minors living in poverty would jump by 900,000 without Social Security.
For adults between 18-64, it would increase by around three percentage points.
But older Americans stand to lose the most by far.
Additionally, about 7.2 million recipients are disabled workers, and the program also covers their 1.1 million dependents.
Women represent 63.3% percent of beneficiaries 85 and older.
In 2022, recipients enjoyed an unusually high 5.9% COLA.
In 1981, it was a whopping 11.2%.
The SSA projects that number will grow to 77 million in 2035.
As the number of potential beneficiaries increases, the workers supporting them are spread thinner and thinner.
In 2023, there were about 2.7 covered workers for every beneficiary.
By 2035, it will be just 2.4.
That year, incoming taxes alone will have to fund the program but it wont be enough.
Martin Daskocontributed to the reporting for this article.
More From GOBankingRates
Share This Article:
