Some Social Security Statistics From “Wealth Management”

  • Percent of couples nearing the end of their careers who disagree on their anticipated retirement ages: 62
  • Average retirement age today, up from 57 in 1991: 61
  • Maximum annual Social Security benefits for those retiring at age 66: $30,396
  • Average annual Social Security payment received by retired individuals and married couples, respectively: $14,748; $23,928
  • Amount (matched by employer) the average earner will pay into Social Security this year: $2,522
  • The taxable maximum the Social Security Act of 1935 set as the income subject to Social Security taxes: $3,000
  • The taxable maximum for 2013 earnings: $113,700 
  • Average period life expectancy (the number of post-retirement years collecting benefits) for a 65-year-old male in 1940: 11.9
  • Ratio of workers to retirees in 1935: 40 to 1
  • The ratio today: 2.9 to 1 
  • Increase in the number of people receiving Social Security disability benefits [from 1965 to 2011] : 510 percent

If those last three statistics don’t scare you, they should.

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