"Facts about Social Security"
Statistics summarizing the status of Social Security as reported in a comprehensive article from the Wall Street Journal on Monday, June 28, 2004 - Section: Encore

• There are 3.3 workers for each American currently receiving Social Security benefits.  In 2030, it is projected that there will only be 2.2 workers supporting each Social Security beneficiary.
  
  
• Nine out of ten individuals age 65 and older are receiving Social Security benefits.
  
  
• In 1940, the average life expectancy of a 65-year old was 12.5 years.  In 2004 it is 17.5 years.
  
  
• 32% of the work force has NO savings set aside specifically for retirement.
  
  
• For the average American over age 65, 39% of their income is represented by Social Security.
  
  
• 47,000,000 Americans are currently receiving Social Security benefits.
  
  
• 53% of the work force has no private pension coverage.
  
  
• 156,000,000 workers are contributing to Social Security.
  
  
• $492 billion of Social Security benefits are expected to be paid out in 2004.
  
  
• The average benefit for retired workers is $922.00 per month.
  
  
• In 1961 Congress first authorized retirees to collect a reduced benefit by starting at age 62 instead of age 65.  In 2002, 56% of eligible beneficiaries elected to receive benefits at age 62.
  
  
• For working Americans, the maximum amount of income that is taxed for Social Security (@ 6.2%) is $87,900, in 2004.