Facts and figures about Social Security at 80

AP News
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Posted: Aug 09, 2015 8:03 AM
Facts and figures about Social Security at 80

A look at Social Security 80 years after President Franklin Roosevelt signed the Social Security Act:

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—Total beneficiaries: 59.5 million.

—Number of people receiving retirement benefits (including workers, spouses and children): 49 million.

—Number of people receiving disability benefits: 11 million.

—Average monthly payment: $1,221.

—Number of workers paying Social Security taxes: 168 million.

—Value of retirement trust fund: $2.7 trillion.

—Total retirement benefits paid in 2014: $707 billion.

—Taxes collected by retirement fund in 2014: $674 billion.

—Projected year when retirement trust fund will be depleted: 2035.

—Value of disability trust fund: $60 billion.

—Total disability benefits paid in 2014: $142 billion.

—Taxes collected by disability fund in 2014: $111 billion.

—Projected year when disability trust fund will be depleted: 2016.

—Projected year when retirement and disability funds would be depleted, if combined: 2034.

—Projected deficit in 2035: $571 billion.

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Source: Social Security Administration.

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Online:

How would you fix Social Security? http://interactives.ap.org/2012/social-security