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In 2009, nearly 51 million Americans received $650 billion in Social Security benefits. The effects of Social Security took decades to manifest themselves. In 1950, it was reported that as many as 40% of Americans over 65 were still employed in some capacity, but by 1980 that figure had dropped to less than 20%.
Data source: Social Security Administration. That's a difference of nearly $400 per month. Over a 20-year retirement, it comes out to more than $94,000 less.
"In essence, this money has been stolen from all of us for all these years," said an 84-year-old woman whose late husband's Social Security benefits were slashed. "It's not fair."
1950 - Social Security Amendments of 1950, Pub. L. 81–734; 1952 - Social Security Amendments of 1952, Pub. L. 82–590; 1954 - Social Security Amendments of 1954, Pub. L. 83–761; 1956 - Social Security Amendments of 1956, Pub. L. 84–880; 1958 - Social Security Amendments of 1958, Pub. L. 85–840
Federal legislation to protect workers’ retirement savings was signed into law in 1974: the Employee Retirement Income Security Act, or ERISA. It's having a midlife crisis.
A factor working against wealthier individuals and in favor of the poor with little other retirement income is that Social Security benefits become subject to federal income tax based on income. The portion varies with income level, 50% at $32,000 rising to 85% at $44,000 for married couples in 2008.
On average, disabled workers receive about $1,540 a month in Social Security benefits and survivor benefits are about $1,509. ... Social Security for Men vs. Women at Every Retirement Age.
The 2011 annual report by the program's Board of Trustees noted the following: in 2010, 54 million people were receiving Social Security benefits, while 157 million people were paying into the fund; of those receiving benefits, 44 million were receiving retirement benefits and 10 million disability benefits.