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
January 25, 2023
High health care costs are driving Washington workers and families over the edge
December 15, 2022
By strengthening the core pillars of our economy – including child care, health care, educational opportunity, economic security, and our public revenue system – we can diminish economic, racial, and gender inequity.
December 7, 2022
The way our state raises money is not fair. A wealth tax would help right that wrong.