That Figures: Social Security
October 13, 2010
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53.5 Million
Americans will receive Social Security benefits in 2010.
Americans will receive Social Security benefits in 2010.
$703 Billion
Total paid out to Social Security beneficiaries in 2010.
Total paid out to Social Security beneficiaries in 2010.
$1,072
Average monthly Social Security payment.
Average monthly Social Security payment.
64 percent
of recipients count Social Security as their primary source of income.
of recipients count Social Security as their primary source of income.
35 percent
of older Americans were kept out of poverty in 2007 thanks to Social Security.
of older Americans were kept out of poverty in 2007 thanks to Social Security.
2042
The year Social Security reserves are expected to be depleted.
The year Social Security reserves are expected to be depleted.
6.2 percent
of employer and employee wages are taxed (up to $106,800) to fund Social Security. The self-employed pay 12.4 percent.
of employer and employee wages are taxed (up to $106,800) to fund Social Security. The self-employed pay 12.4 percent.
Sources:Social Security Administration | AARP | Associated Press
Photo: Social Security Administration/WikipediaCommons
