New Social Security Disability Statistics
Posted on Feb 28, 2014
New reports out of Boston about Social Security disability have many people taking a look at the current and future state of this system.
Social Security statistics show that there are approximately 63 million people across the United States. Of those, 14 million receive Social Security disability benefits. This figure shows that the Social Security system supports many people below the retirement age of 65 in their inability to work.
Disabled workers along with their dependents make up for 19 percent of the benefits paid. Ninety percent of employees ages 21 through 64 have invested in long-term disability protection for their families. This Social Security disability statistic is surprising given the fact that 69 percent of private sector workplaces do not offer long-term disability insurance to their employees. Although a little over 25 percent of 20-year-olds today will become disabled, private sector employers are doing little in the way of helping protect their employees from the risk of a disability that would their ability to continue in their job.
As the system continues to grow, so do worries that there will not be enough people in the workforce for each Social Security beneficiary.
Currently there are 2.8 workers for each Social Security beneficiary. However, economists and financial advisors predict that by 2033, there will be 2.1 workers for each beneficiary. As Boston Social Security disability attorneys, we are concerned over these statistics and hope that new Social Security reform can begin so that there is enough money in the budget to cover both retirees and disabled workers.