Life Expectancy for Social Security
If we look at life expectancy statistics from the 1930s we might come to the conclusion that the Social Security program was designed in such a way that people would work for many years paying in taxes, but would not live long enough to collect benefits. Life expectancy at birth in 1930 was indeed only 58 for men and 62 for women, and the retirement age was 65. But life expectancy at birth in the early decades of the 20th century was low due mainly to high infant mortality, and someone who died as a child would never have worked and paid into Social Security. A more appropriate measure is probably life expectancy after attainment of adulthood.
As Table 1 shows, the majority of Americans who made it to adulthood could expect to live to 65, and those who did live to 65 could look forward to collecting benefits for many years into the future. So we can observe that for men, for example, almost 54% of the them could expect to live to age 65 if they survived to age 21, and men who attained age 65 could expect to collect Social Security benefits for almost 13 years (and the numbers are even higher for women).
Also, it should be noted that there were already 7.8 million Americans age 65 or older in 1935 (cf. Table 2), so there was a large and growing population of people who could receive Social Security. Indeed, the actuarial estimates used by the Committee on Economic Security (CES) in designing the Social Security program projected that there would be 8.3 million Americans age 65 or older by 1940 (when monthly benefits started). So Social Security was not designed in such a way that few people would collect the benefits.
As Table 1 indicates, the average life expectancy at age 65 (i.e., the number of years a person could be expected to receive unreduced Social Security retirement benefits) has increased a modest 5 years (on average) since 1940. So, for example, men attaining 65 in 1990 can expect to live for 15.3 years compared to 12.7 years for men attaining 65 back in 1940.
(Increases in life expectancy are a factor in the long-range financing of Social Security; but other factors, such as the sheer size of the "baby boom" generation, and the relative proportion of workers to beneficiaries, are larger determinants of Social Security's future financial condition.)
| Table 1: Life Expectancy for Social Security |
| Year Cohort Turned 65 | Percentage of Population Surviving from Age 21 to Age 65 | Average Remaining Life Expectancy for Those Surviving to Age 65 |
| Male | Female | Male | Female |
| 1940
1950
1960
1970
1980
1990 | 53.9
56.2
60.1
63.7
67.8
72.3 | 60.6
65.5
71.3
76.9
80.9
83.6 | 12.7
13.1
13.2
13.8
14.6
15.3 | 14.7
16.2
17.4
18.6
19.1
19.6 |
| Table 2: Americans Age 65 or Older 1880-1990 |
| Year | Number of Americans Age 65 or Older |
| 1880
1890
1900
1910
1920
1930
1940
1950
1960
1970
1980
1990
2000 | 1.7 million
2.4 million
3.0 million
3.9 million
4.9 million
6.7 million
9.0 million
12.7 million
17.2 million
20.9 million
26.1 million
31.9 million
34.9 million |
FAQs
This article attempts to answer the most common questions but you can find more answers by going to the frequently asked questions page. If you do not find the answer there, search the publications section. If you still have questions, call your local Social Security office.
How do I get my entire work history from Social Security? ›
To get a copy of your earnings records, you'll need to fill out and submit Form SSA-7050-F4. This form is available on the SSA website. Your earnings records include: Your total wages earned each year.
What is one of the biggest mistakes people make regarding Social Security? ›
Claiming too early
This may be the single biggest issue impacting Americans because Social Security allows people to begin collecting their benefits when they turn 62, or about five years before the full retirement age for most people.
How do you know if you have enough points for Social Security? ›
Most people You can also visit www.socialsecurity.gov/mystatement need 40 credits, earned over their working lifetime, to to see whether your Social Security benefit amount receive retirement benefits. For disabilitv and survivors will be affected. benefits, young people need fewer credits to be eligible.
At what age is Social Security no longer taxed? ›
Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.
What is the minimum work history for Social Security? ›
Learn more about credits at www.ssa.gov/planners/credits.html. Although you need at least 10 years of work (40 credits) to qualify for Social Security retirement benefits, we base the amount of your benefit on your highest 35 years of earnings.
Why does SSA ask for work history? ›
The report helps the Social Security Administration (SSA) understand how your disability affects your ability to work based on the tasks you've previously performed. For those who haven't worked recently, information about past jobs can still significantly impact your application.
What is the loophole in Social Security benefits? ›
The Restricted Application Loophole
Every year you delay, your monthly retirement benefit increases (until age 70). One Social Security loophole allowed married individuals to begin receiving a spousal benefit at full retirement age, while letting their own retirement benefit grow.
What is the one year rule for Social Security? ›
There is a special rule that applies to earnings for 1 year, usually the first year of retirement. Under this rule, you can get a full Social Security benefit for any whole month you are retired and earnings are below the monthly limit.
What is the Social Security secret bonus? ›
There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
Social Security's special minimum benefit pays at least $49.40 per month in 2023 and $50.90 in 2024. Social Security's special minimum benefit tops out at $1,033.50 per month in 2023 and $1,066.50 in 2024. You'll receive 100% of the benefit if you file at full retirement age or later.
Can I get Social Security if I haven't worked in 10 years? ›
The number of credits you need to receive retirement benefits depends on when you were born. If you were born in 1929 or later, you need 40 credits (10 years of work). If you stop working before you have enough credits to be eligible for benefits, the credits will remain on your Social Security record.
What if I have 40 credits for Social Security? ›
You must earn at least 40 Social Security credits to be eligible for Social Security benefits. You earn credits when you work and pay Social Security taxes. The number of credits does not affect the amount of benefits you receive.
How can I get Social Security to answer the phone? ›
CONTACTING SOCIAL SECURITY
You can call our National 800 Number at 1-800-772-1213 between 8:00 a.m. – 7:00 p.m., Monday through Friday. Wait times to speak to a representative are typically shorter early in the day (between 8 a.m. and 10 a.m. local time) or later in the afternoon (between 4 p.m. and 7 p.m. local time).
How to answer SSI interview questions? ›
Provide accurate and truthful information about your medical condition, symptoms, and limitations. Clearly communicate the severity of your disability and how it affects your ability to work. Explain your daily activities. Describe in detail how your disability impacts your everyday life and activities.
Where can I get the best Social Security advice? ›
Our website is the best way for most people to get help. our website, call our National 800 Number (1-800-772-1213) or your local Social Security office for help. We will schedule an appointment for you, if necessary, to serve you by phone or in person.
