Social Security facts & figures

There are many facts and figures released by the Social Security Administration. Recently released publications answer your employees most frequently asked Social Security questions and highlights program data for retirement, survivors, and disability benefits. Key facts include:

• About 70.5 million people received a Social Security benefit in 2025.
• For adult Social Security beneficiaries, 55% are women.
• About 81% of the people receiving Social Security benefits are age 65 or over.
• Average new monthly Social Security benefit at full retirement age is $2,036.

Where does a retiree’s income come from?

Social Security benefits are by far the largest source of retirement income. Asset income is the next most common source. The remaining sources of income are private pensions, government pensions, and earnings.

What are the main types of benefits?

In addition to retirement benefits, Social Security also provides important survivor and disability benefits. In 2025, 76% of Social Security beneficiaries were retired workers, 10% were disabled workers, and 8% were survivors of deceased workers. The remaining percentage was spouses and children of retired and disabled workers.

What is the main type of benefit for women?

The number of women age 62 or older who receive a benefit based on their husband’s work record only has been declining from 57% in 1960 to 17% in 2022. At the same time, the number of women able to receive a benefit based on both their own work record and also their husband’s work record — dual entitlement — has been increasing from 5% in 1960 to 23% in 2022.

 

Average Monthly Benefits (in dollars)

 

 

How many ‘new’ beneficiaries were added?

There were about 6 million new beneficiaries added to the program. Retired workers were 71% and disabled workers were 10% of these people. The balance was paid to spouses and children eligible for a retirement, survivor, or disability benefit based on the worker’s earnings record. These awards include brand new people getting benefits and some who convert from disability to retirement benefits at full retirement age.

What are the ages of beneficiaries?

For all Social Security beneficiaries paid a benefit, 88% were age 62 or older. Of this number, the largest group is age 65-74 at 44% and the smallest is age 62-64 at 7%. The balance is age 61 or younger and includes disabled workers, survivors, or dependents.

How is Social Security financed?

Social Security is financed primarily by payroll taxes (91.2%), interest on trust-fund assets (4.9%), and revenue from the federal income taxation of Social Security benefits (3.9%). The program covers about 185 million workers in 2025. Currently, there are 2.6 workers paying Social Security taxes to each person collecting benefits and is projected to drop to 2.4 workers in 2035.

What does the future look like for Social Security?

Starting in 2010, the program has paid out more in benefits and expenses than it collected. The Social Security program has continuing annual deficits as baby boomers born between 1946 and 1964 are retiring in large numbers and will continue until assets are gone in 2034. In addition to the increasing number of baby boomers, there are lower birth rates and longer life spans that are continuing to drain the assets. By 2034, the trust funds will have income from current payroll taxes to pay only about 83% of benefits. Lawmakers will need to take action to reduce or eliminate the long-term shortfall in the program.

When and how to enroll in Medicare?

While the Social Security full retirement age is now age 67, the Medicare eligibility age is still 65. Most people should apply three months before reaching age 65, regardless of when reaching full retirement age. Part A is premium free for most people. Part B has a monthly premium of $202.90 in 2026 for current, new, and high-income Medicare beneficiaries, and people whose premium is paid by Medicaid. Beneficiaries with high incomes pay additional income-related Part B premiums.

There are three typical scenarios for enrolling in Medicare:

1. For people receiving Social Security benefits, enrollment in Medicare Parts A and B is automatic at age 65 on the first day of that month. For those still working, Part B enrollment should likely be delayed since it would provide little, if any, additional coverage over the employer health coverage. You will need to notify the Social Security Administration of the employer health coverage.

2. People age 65 and not receiving Social Security benefits can apply for Medicare only by following these simple steps:

• Select "Apply for Medicare Only" at www.socialsecurity.gov/medicare/sign-up.
• Complete the application (typically takes 10 to 30 minutes).
• Select “Submit Now” to send the application electronically to Social Security.
• Review the Q&A about the online application.
• Use the publications listed for more information.

3. People under age 65 and entitled to Social Security disability benefits for two years are entitled to Medicare. The two years are waived for Lou Gehrig’s disease and end-stage renal disease.

Many people are often uncertain when to enroll in Part B. There are three enrollment periods: the Initial Enrollment Period, Special Enrollment Period, and General Enrollment Period.

Initial Enrollment Period (IEP)

When you are first eligible for Medicare, you have a seven-month IEP to sign up for Part A and/or Part B. If you are still working and covered by an employer-sponsored group health plan, you typically would not want to enroll in Part B (see SEP below).

Special Enrollment Period (SEP)

You typically will not want to enroll in Part B at age 65 if you have employer-sponsored group health plan coverage (referred to as the “employer health plan”) based on your or your spouse’s current employment. The first reason is the employer health plan is the primary payer. There is little, if any, additional coverage from Part B. A second reason is the six-month open enrollment period for the standard Medigap (Medicare supplement) plans begins with the first month that you are 65 or older and enrolled in Part B. If you enroll in Part B more than six months before you enroll in a Medigap plan, you might not be able to get the Medigap coverage you want. You can enroll in Part B during the SEP at any time while still covered under the employer health plan or up to eight months after the coverage ends.

General Enrollment Period (GEP)

The GEP is available if you did not enroll during the IEP, an SEP, or if you dropped Part B and need to re-enroll. The GEP is from January 1 through March 31 every year. Coverage will start July 1, and you may have to pay a higher premium for late enrollment.

To enroll in Medicare, visit www.socialsecurity.gov/medicare/sign-up. The options are to sign up for Medicare Parts A and B or Part B only if you already have Part A.