Industry News

In August 2019, the Social Security Administration’s (SSA) Office of Policy released Fast Facts & Figures about Social Security, 2019. The publication answers frequently asked questions (FAQs) about the programs administered by the SSA and focuses on data related to Social Security retirement, survivors, and disability benefits, as well as Supplemental Security Income (SSI).  Most of the data are derived from the SSA’s Annual Statistical Supplement to the Social Security Bulletin and the 2019 Social Security Trustees Report.

Some of the report’s highlights include: 

• Overall, about 67.9 million people received SSA benefits or assistance in 2018, with benefits averaging $1,461 per month for retired workers, $1,234 per month for disabled workers, and $1,388 per month for non-disabled widows and widowers;
• In 2018, about 5.6 million people were newly awarded Social Security benefits, of which 55% were retired workers, 12% were disabled workers and 33% were survivors and dependents; and
• About 55% of the adult SSA beneficiaries were women.

The publication also provides a table showing the gradual extended ages for full Social Security retirement benefits based on year of birth.  For those born before 1938, eligibility for full retirement benefits is age 65.  Beginning with those born in 1938, the age for full benefits increases by two months each year until reaching age 66 for those born in 1943.  It remains at age 66 for those born from 1943 through 1954, and then continues increasing by two months each year until reaching age 67 for those born in 1960 and later. 

The report is available here.