Social Security Benefits

June 19, 2020

In 2020, about 65 million Americans will receive over one trillion dollars in Social Security benefits.

As your clients get closer to retirement they begin to think about Social Security. They know they have been contributing, but what does that mean for them in retirement.

What options do they have available? What factors should be taken into consideration when filing for Social Security? The choices made will make all the difference.

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Snapshot of One Month Example: December 2019 Beneficiary Data

Retired Workers

$45 million


$67.7 billion $1,503 average monthly benefit

$3.1 million


$2.4 billion


Disabled Workers

$8.4 million


$10.5 billion

$1,258 monthly benefit


$1.5 million

$0.6 billion
Survivors $6 million $7 billion

Social Security is the major source of income for most of the elderly.

  • Retired workers and their dependents account for 73.2% of the total benefit paid.
  • Disable workers and their dependents account for 14.5% of the total benefits paid.
  • Abut 89% of workers aged 21-64 in covered employment in 2018 and their families have protection in the event of a severe and prolonged disability
  • Just over 1 in 4 of today’s 20-year-olds will become disabled before reaching age 67.
  • 67% of the private sector workforce has no long-term disability insurance.

Survivors of deceased workers account for about 12.3% of total benefits paid.

  • About one in nine of today’s 20-year-olds will die before reaching age 67.
  • About 95% of persons aged 20-49 who worked in covered employment in 2018 have survivor’s insurance protection for their children under age 18(and surviving spouses caring for children under age 16).

An estimated 178 million workers are covered under Social Security in 2019.

  • 49% of the workforce in private industry has no private pension coverage.
  • Two-Thirds*67% of workers are saving for retirement. Having an employer-sponsored retirement savings plan is a key factor in whether Americans save for retirement. Only 27% of those without access to an employer-sponsored plan said they have any retirement savings.

In 1940, the life expectancy of a 65-year-old was almost 14 years; today it is just over 20 years.

By 2035, the number of Americans 65 and older will increase from approximately 56 million to over 78 million.

There are currently 2.8 workers for each Social Security beneficiary. By 2035, there will be 2.3 covered workers for each beneficiary. 

Statistics can tell a story of the situation, and the issues that are present with those prevailing statistics. Social Security is a right and unfortunately, too many have not planned accordingly to supplement this right. If someone retiring today is going to rely solely on Social Security benefits, many issues will arise for them as they stand to live 20 years or longer in retirement. Mainly increased healthcare costs, deteriorating health, and decreased access to agreeable care.

There are solutions though. It is a burden on us to inform, educate, and advise those that are about to retire their options and to show them ways to maximize the benefits that they have worked years to accumulate.

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

Will Torrance

Will Torrance

Senior Sales Director - Life, Annuity, & LTC

x7790 | wtorrance@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881


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