Social Security- Interesting Facts & Numbers

Social Security continues to be scrutinized as 10,000 baby boomers retiring daily become increasingly reliant upon the “Social Insurance” program as their primary source of income.  Furthermore as the long-term sustainability of the program remains a popular topic of public debate we wanted to shed some light on fifteen interesting statistics about Social Security as it enters its 78th year of existence.

• 56 million people or roughly 1 in 6 Americans currently receive Social Security benefits
• $2,533 is the maximum monthly benefit a retiree can receive at Full Retirement Age in 2013
• $1,236 per month is the average Social Security benefits for retirees
• 3.3 workers paying into Social Security per retiree today
• 1.7% is the Cost of Living Adjustment (COLA) retirees will see added to their benefits in 2013
• 25% of Americans over age 65 rely on Social Security for 90% of their income
• 76% increase in benefits if a retiree delays benefits from age 62 to age 70
• 80 the estimated breakeven age for delaying benefits from age 62 to age 70
• 80% chance that at least one spouse of a couple age 65 will live to age 85
• 0.6% of men waited to receive increased benefits at age 70 in 2010
• 2037 is the year the Social Security Trust Fund is estimated to dry up
• 53% of adults surveyed would prefer to raise taxes rather than cut benefits
• 72% of Americans receive reduced Social Security benefits because they started benefits early
• 2,728 rules governing Social Security today
• 77% of people surveyed expect to receive Social Security advice from S.S. representatives

The last number is particularly troublesome given that Social Security representatives are required by law NOT to provide advice on Social Security. They can provide objective answers to your questions, but they cannot provide advice on the BEST option for your situation (i.e. single, married, divorced, widowed). We CAN provide that advice and we welcome the opportunity to put together a customized Social Security claiming strategy that can frequently add between $50,000 and $300,000 in cumulative lifetime benefits! You can learn how much MORE you can receive in additional Social Security benefits with a customized claiming strategy by clicking here!

Please call us with any questions or concerns. Feel free to forward this to others who might be interested.

Have a great day!

The All Star Team