Fast Facts & Figures About Social Security, 2020
Did you know that...
- 69.1 million people received benefits from programs administered by the Social Security Administration (SSA) in 2019.
- 5.7 million people were newly awarded Social Security benefits in 2019.
- 55%of adult Social Security beneficiaries in 2019 were women.
- 54.9 was the average age of disabled-worker beneficiaries in 2019.
- 86% of Supplemental Security Income (SSI) recipients received payments because of disability or blindness in 2019.
For more fast fact and figures about Social Security, read www.ssa.gov/policy/docs/chartbooks/fast_facts/2020/index.html.
How Accurate Are Retirees’ Assessments of Their Retirement Risk?
Retirees with limited financial resources face numerous risks, including out-living their money (longevity risk), investment losses (market risk), unexpected health expenses (health risk), the unforeseen needs of family members (family risk), and even retirement benefit cuts (policy risk).
This study systematically values and ranks the financial impacts of these risks from both the objective and subjective perspectives and then compares them to show the gaps between retirees’ actual risks and their perceptions of the risks in a unified framework.
It finds that 1) under the empirical analysis, the greatest risk is longevity risk, followed by health risk; 2) under the subjective analysis, retirees perceive market risk as the highest-ranking risk due to their exaggeration of market volatility; and 3) the longevity risk and health risk are valued less in the subjective ranking than in the objective ranking, because retirees underestimate their life spans and their health costs in late life.
More retirement-related research
The Impact of COVID-19 of Social Security and its Beneficiaries waysandmeans.house.gov/legislation/hearings/impact-covid-19-social-security-and-its-beneficiaries
The family experience in long-term care during the COVID-19 visitation restriction www.miamioh.edu/cas/academics/centers/scripps/research/publications/2020/07/families-experience-ltc-during-covid-19-visitation-restriction.html
2019 Profile of Older Americans acl.gov/aging-and-disability-in-america/data-and-research/profile-older-americans
Health Care Spending and the Medicare Program: A Data Book medpac.gov/docs/default-source/data-book/july2020_databook_entirereport_sec.pdf?sfvrsn=0
New Financial Instruments for Managing Longevity Risk repository.upenn.edu/prc_papers/684/
Medicare Beneficiary Use of Telehealth Visits: Early Data From the Start of the COVID-19 Pandemic aspe.hhs.gov/pdf-report/medicare-beneficiary-use-telehealth
Does Immigration Improve Quality of Care in Nursing Homes? www.iza.org/publications/dp/13552
Home Modification and Repairs for Older Adults: Challenges and Opportunities for State Units on Aging www.advancingstates.org/sites/nasuad/files/SUAandHomeMods.Report.USCFINAL.pdf
Auto-Enrollment Retirement Plans for the People: Choices and Outcomes in OregonSaves repository.upenn.edu/prc_papers/685/
State-sponsored Pensions for Private Sector Workers: The Case for Pooled Annuities and Tontines repository.upenn.edu/prc_papers/686/
MRDRC Newsletter (Vol. 20, No. 2, July 2020) mrdrc.isr.umich.edu/publications/newsletters/pdf/2020MRDRCNewsletter2.pdf
Quantifying and explaining variation in life expectancy at census tract, county, and state levels in the United States www.pnas.org/content/117/30/17688
Economic Crises and Mortality Among the Elderly: Evidence from Two Russian Crises www.iza.org/publications/dp/13540
The Impact of Social Security on Pension Claiming and Retirement: Active vs. Passive Decisions www.iza.org/publications/dp/13537
Annual Survey of Investment Regulation of Pension Funds and Other Pension Providers 2020 www.oecd.org/daf/fin/private-pensions/2020-Survey-Investment-Regulation-Pension-Funds-and-Other-Pension-Providers.pdf
Health of Former Cigarette Smokers Aged 65 and Over: United States, 2018 www.cdc.gov/nchs/data/nhsr/nhsr145-508.pdf
CMS Could Have Saved $192 Million by Targeting Home Health Claims for Review With Visits Slightly Above the Threshold That Triggers a Higher Medicare Payment www.oig.hhs.gov/oas/reports/region9/91803031.asp
Age Discrimination across the Business Cycle www.nber.org/papers/w27581
Disability-Free Life Trends at Older Ages: Implications for Longevity Risk Management repository.upenn.edu/prc_papers/681/
Introduction: New Models for Managing Longevity Risk: Public/Private Partnerships repository.upenn.edu/prc_papers/682/
Impacts of Minimum Wage Increases on Nursing Homes: Final Report aspe.hhs.gov/pdf-report/impacts-minimum-wage-increases-nursing-homes-final-report
Cumulative disparities in the dynamics of working poverty for later-career U.S. workers (2002-2012) www.demogr.mpg.de/en/publications_databases_6118/publications_1904/mpidr_working_papers/cumulative_disparities_in_the_dynamics_of_working_poverty_for_later_career_u_s_workers_2002_2012_6844/
The COVID-19 Pandemic and Seniors: A Look at Racial Health Disparities www.aging.senate.gov/hearings/the-covid-19-pandemic-and-seniors-a-look-at-racial-health-disparities
Do Older Workers Without Benefits Find Health and Retirement Coverage? crr.bc.edu/briefs/do-older-workers-without-benefits-find-health-and-retirement-coverage/
Millions of Adults Ages 50 and Older Rely on the Supplemental Nutrition Assistance Program (SNAP) www.aarp.org/ppi/info-2020/millions-of-adults-ages-50-and-older-rely-on-snap.html
Relabeling, Retirement and Regret www.nber.org/papers/w27534
Gaps, Quirks and Fixes: Accounting for Broader Public-Sector Pension Plans in Canada www.cdhowe.org/public-policy-research/gaps-quirks-and-fixes-accounting-broader-public-sector-pension-plans-canada
OASDI Beneficiaries by State and County, 2019 www.ssa.gov/policy/docs/statcomps/oasdi_sc/2019/index.html
SSI Monthly Statistics, June 2020 www.ssa.gov/policy/docs/statcomps/ssi_monthly/2020-06/index.html
How Could the Price of Remdesivir Impact Medicare Spending for COVID-19 Patients? www.kff.org/coronavirus-covid-19/issue-brief/how-could-the-price-of-remdesivir-impact-medicare-spending-for-covid-19-patients/
Selected Financial Burdens of Health Care Among Families With Older Adults, by Family Composition: United States, 2017–2018 www.cdc.gov/nchs/data/nhsr/nhsr144-508.pdf
Loneliness and Social Isolation in the Covid-19 Pandemic Among The Over 70s: Data From The Irish Longitudinal Study on Ageing (TILDA) and Alone tilda.tcd.ie/publications/reports/Covid19SocialIsolation/
Exploring the Relationship between Care Homes and Excess Deaths in the COVID-19 Pandemic: Evidence from Italy www.iza.org/publications/dp/13492
The Association Between Educational Attainment and Longevity using Individual Level Data from the 1940 Census www.nber.org/papers/w27514
Social Security Reforms and the Changing Retirement Behavior in Germany www.nber.org/papers/w27518
Linking Changes in Inequality in Life Expectancy and Mortality: Evidence from Denmark and the United States www.nber.org/papers/w27509
Does the Actuarial Adjustment for Pension Delay Affect Retirement and Claiming Decisions? www.nber.org/papers/w27508
Predicting mortality from 57 economic, behavioral, social, and psychological factors www.pnas.org/content/117/28/16273
Shingles Vaccination Among Adults Aged 60 and Over: United States, 2018 www.cdc.gov/nchs/products/databriefs/db370.htm
Intergenerational Residence Patterns and COVID-19 Fatalities in the EU and the US www.iza.org/publications/dp/13452
Childhood Circumstances and Health Inequality in Old Age: Comparative Evidence from China and the United States www.iza.org/publications/dp/13460
Concerns of older patients and their caregivers in the emergency department journals.plos.org/plosone/article?id=10.1371/journal.pone.0235708
Main and interacting effects of physical activity and sedentary time on older adults’ BMI: The moderating roles of socio-demographic and environmental attributes journals.plos.org/plosone/article?id=10.1371/journal.pone.0235833
Lockdown not shutdown – How can we unlock the longevity dividend post-pandemic? ilcuk.org.uk/lockdown-not-shutdown-unlock-longevity-dividend-post-pandemic/
Comparing Private Payer and Medicare Payment Rates for Select Inpatient Hospital Services www.kff.org/medicare/issue-brief/comparing-private-payer-and-medicare-payment-rates-for-select-inpatient-hospital-services/
Trends in Nonfatal Falls and Fall-Related Injuries Among Adults Aged ≥65 Years — United States, 2012–2018 www.cdc.gov/mmwr/volumes/69/wr/mm6927a5.htm
Loophole in Drug Payment Rule Continues To Cost Medicare and Beneficiaries Hundreds of Millions of Dollars oig.hhs.gov/oei/reports/OEI-BL-20-00100.asp
– US Department of Health and Human Service, Office of Inspector General Report – July 9, 2020
Is Nontraditional Work At Older Ages Associated With Better Retirement Security? crr.bc.edu/working-papers/is-nontraditional-work-at-older-ages-associated-with-better-retirement-security/
New Insights on Self-Employment of Older Adults in the United States crr.bc.edu/working-papers/new-insights-on-self-employment-of-older-adults-in-the-united-states/
What Jobs Do Employers Want Older Workers to Do? crr.bc.edu/working-papers/what-jobs-do-employers-want-older-workers-to-do/
Coronavirus and the impact on caring www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/conditionsanddiseases/articles/morepeoplehavebeenhelpingothersoutsidetheirhouseholdthroughthecoronaviruscovid19lockdown/2020-07-09
Health and ageing of Australia’s prisoners 2018 www.aihw.gov.au/reports/prisoners/health-and-ageing-of-australias-prisoners-2018/contents/summary
Older People are Less Pessimistic about the Health Risks of Covid-19 www.nber.org/papers/w27494
Variation in Health Care Prices Across Public and Private Payers www.nber.org/papers/w27490
Physician Characteristics and Patient Survival: Evidence from Physician Availability www.nber.org/papers/w27458
How Widespread Unemployment Might Affect Retirement Security crr.bc.edu/briefs/how-widespread-unemployment-might-affect-retirement-security/
Association of Statin Use With All-Cause and Cardiovascular Mortality in US Veterans 75 Years and Older jamanetwork.com/journals/jama/article-abstract/2767861
Effect of Probiotic Use on Antibiotic Administration Among Care Home Residents: A Randomized Clinical Trial jamanetwork.com/journals/jama/article-abstract/2767862
Self-awareness for financial decision-making abilities in healthy adults journals.plos.org/plosone/article?id=10.1371/journal.pone.0235558
Elderly people and responses to COVID-19 in 27 Countries journals.plos.org/plosone/article?id=10.1371/journal.pone.0235590
Long-term care and COVID-19: International comparisons www.cihi.ca/en/long-term-care-and-covid-19-international-comparisons
What older adults do with the results of dementia screening programs journals.plos.org/plosone/article?id=10.1371/journal.pone.0235534