Industry News

In September 2021, the Social Security Administration’s (SSA) Office of Policy released Fast Facts & Figures about Social Security, 2021. 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 2021 Social Security Trustees Report.

Some of the report’s highlights include: 

• Overall, about 69.8 million people received SSA benefits or assistance in 2020, with benefits averaging $1,544 per month for retired workers, $1,277 per month for disabled workers, and $1,455 per month for non-disabled widows and widowers.
• In 2020, about 5.8 million people were newly awarded Social Security benefits, of which 58% were retired workers, 11% were disabled workers and 31% were survivors and dependents.
• In 2020, about 55% of the adult SSA beneficiaries were women. 

As reported in the 2021 Trustees Report, the trust fund reserves are estimated to be depleted by 2034. Although payroll taxes and other income will flow into the fund, that would only be sufficient to pay about 78% of program costs. The projected shortfall over the next 75 years is 3.54% of taxable payroll.

The report is available here.