45.4 million people received Social Security benefits in 2000, including 4 million children:
- Social Security is life insurance: 15% of recipients are surviving family members of deceased workers. A widow with two young children collects an average monthly benefit of $1,700. For a young married worker with two children this is the equivalent of a $330,000 life insurance policy.
- Social Security is disability insurance: 15% of beneficiaries are disabled workers and their family members. The average monthly benefit for a disabled worker with a spouse and child is $1,311. For a married worker with children this is the equivalent of a $212,000 disability policy.
- Social Security provides retirement benefits: 70% of beneficiaries are retirees and family members. The average retiree’s monthly benefit is $830 for an individual, or $1,410 for a couple.
Social Security provides a foundation of economic security to all who work and contribute:
- For 40% of people over age 65, Social Security provides 80% or more of their income. The typical retired couple receives two-thirds of their income from Social Security.
- Annual cost-of-living increases and guaranteed lifetime benefits for retirees and their spouses assure that our seniors, disabled workers, and surviving family members can live in dignity.
- Social Security reduces income inequality. Low earning workers receive a higher percentage of previous wages in retirement benefits.
More To Read
September 6, 2024
Tax Loopholes for Big Tech Are Costing Washington Families
Subsidies for big corporations in our tax code come at a cost for college students and their families
July 31, 2024
News from the Road: EOI’s summer policy road trip continues
We're working to understand the issues that matter to Washingtonians
July 31, 2024
New poll in Washington finds people struggling with health care costs at an alarming rate
More than half (57%) of respondents have avoided seeking medical treatment or modified their use of prescriptions in the last year due to the cost