South By North Strategies, Ltd.

Last weekend marked the 75th anniversary of the signing of  the Social Security Act.

As a new fact sheet prepared by the Social Security Administration shows, the programs’s retirement piece remains vital to the well-being and economic security of older Americans. Some facts for consideration:

• 87% of elderly households received Social Security payments in 2008.
• 64% of elderly households received at least half of their incomes from Social Security; 34% received at least 90% of their incomes from Social Security.
• The average retiree received a monthly benefit of $1,164 in Dec. 2009.
• 33% of all beneficiaries are age 75 or older.
• Program revenues exceeded expenses in 2009.
• The Social Security Trust Funds are expected to last (by design) until 2037; absent changes, the funds then would be able to pay 78% of scheduled benefits indefinitely.