Happy 79th Birthday Social Security!
Additional facts about Social Security –
Social Security is the major source of income for most of the elderly:
- Nine out of ten individuals age 65 and older receive Social Security benefits.
- Among elderly Social Security beneficiaries, 52% of married couples and 74% of unmarried persons receive 50% or more of their income from Social Security.
An estimated 165 million workers are covered under Social Security:
- 51% of the workforce has no private pension coverage.
- 34% of the workforce has no savings set aside specifically for retirement.
This year, nationwide over 59 million Americans will receive almost $863 billion in Social Security benefits.
In Nebraska, every $1 of Social Security received generates $1.80 of economic output. Statewide that totals over $7.2 billion dollars in economic output annually.
One in every six Nebraska residents receives Social Security and over 82,000 Nebraska retirees would be in poverty with out it! This may be you, your neighbor or someone in your family. Social Security is the only source of income for 30% of Nebraskans 65 and older.
Aside from greatly benefiting retirees, Social Security beneficiaries also include: