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10 Jaw-dropping social security statistics – The Motley Fool

Retirement was a much more risky lifetime in America before the 1935 Social Security debut. The program was designed to help Americans live more comfortably in their finishing years, and it has generally been a resounding success.

You can see how much success in the 10 amazing facts and figures below. [19659003] A man wearing glasses, with his mouth open in surprise. "src =" https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F530547%2Fgetty-surprised-man.jpg&w=700&op=resize "/ >

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No. 1: 90%

Social Security is critical of the financial well-being of most retirees, a significant 21

% of older recipients of social security and According to the Social Security Administration, 44% of unmarried people receive full 90% or more of their income from the program, while about 48% of older beneficiaries of social security and 69% of unmarried sheep 50% or more of their income from social security. Overall, the elderly receive one-third of their income from social security.

No. 2: 64 Million

About 64 million Americans collect social security benefits in 2019 – equivalent to about 1 out of 5 Americans.

No. 3: $ 1 trillion

The 64 million Americans total more than $ 1 trillion in services annually. That $ 1 trillion represents about 5% of our country's total gross domestic product (GDP), which was about $ 20 trillion in 2018.

4: 0.6%

Although it spends more than $ 1 trillion annually, the Social Security program is surprisingly effective. Only 0.6% of its budget is used for administrative expenses.

No. 5: $ 1,470

The average monthly retirement benefit was recently $ 1,470. It amounts to about $ 17,640 a year. If your earnings have been above average, you collect more than that – but not much more. The total maximum monthly social security benefit for those who retire at their full retirement age was recently $ 2,861 – or about $ 34,300 for the entire year – while those who started collecting 70 years in 2019 totaled a maximum of $ 3,770 per year. Month or $ 45,240 pr. Year.

None. 6: 8%

You can make your ultimate retirement benefit check greater or lesser than what you would get if you started collecting at your full retirement age by collecting earlier or later. For each year beyond your full retirement age, which you delay starting to receive benefits, you will increase their value by approx. 8% – up to 70 years. So the delay from 67 to 70 years can leave you with checks around 24% fatter. 19659002] It works the other way round if you start collecting early. Every year before your full retirement age, as you begin to collect, your benefits will drop by approx. 7%. So if your full retirement age is 67 and you start collecting services at the age of 62, your checks will be about 30% less.

  A cartoon style image of a woman is displayed. She is next to the word wow and has her palms surprised by her cheeks.

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No. 7: $ 725,000

Few people think of it as a life insurance, but social security benefits are available to many widows, widowers and children of dead workers. These survival benefits had a total value broadly similar to a $ 725,000 life insurance policy employed for the value from 2018 (for a young worker with average earnings).

No. 8: 85%

Not everyone realizes it, but if you earn or receive more than some income while collecting social security, up to 85% of your benefits can be taxed. In addition, 13 declares social security benefits to some extent. Fortunately, many of them have rules that result in relatively few people facing this taxation.

No. 9: 37%

There was an important precursor to social security in America: civil war pensions. They offered services to the disabled in the war and grew to offer both disability and age to veterans – and to survivors of those who died as well. In 1894, military pensions accounted for 37% of the entire country's budget!

No. 10: 35%

You may not be aware of it, but social security fraud is in abundance and is on its way. According to a report, fully 35% of consumers were aware of breaches of identity on experienced social security offenses. Armed with information like your name, date of birth and social security number, scammers can try to get your social security benefits. In a way, you can prevent this by opening and monitoring a social security account.

The more you know about social security, the more you can get out of it. Initially, learn how to increase your social security benefits.

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