Social Security is a vital program in the United States, providing financial support to millions of Americans. Understanding who receives these benefits and what types they receive can give us valuable insights into the program’s impact on society. Here’s a breakdown of the different categories of Social Security benefits and the percentage of people receiving each type.
Social Security Disability Insurance (SSDI) is designed for individuals who have worked and paid into the Social Security system but have become disabled and can no longer work. As of recent data, approximately 8.5 million people are receiving SSDI benefits. This represents about 4.5% of all Social Security beneficiaries.
Supplemental Security Income (SSI) is a need-based program that provides financial assistance to individuals who are disabled, blind, or aged 65 or older and who have limited income and resources. Around 7.8 million people receive SSI benefits, which makes up about 4% of all Social Security beneficiaries.
Retirement Benefits are perhaps the most well-known type of Social Security benefits. These are provided to individuals who have reached the eligible retirement age and have paid into the Social Security system throughout their working years. There are currently about 45 million people receiving retirement benefits, making up approximately 70% of all beneficiaries.
Early Retirement allows individuals to start receiving Social Security benefits before reaching the full retirement age, albeit at a reduced amount. This option is popular, with about 15 million people choosing early retirement, accounting for roughly 20% of all beneficiaries.
Navigating the complexities of Social Security benefits can be challenging. Whether you’re applying for SSDI, SSI, or planning your retirement, understanding the nuances of each program is crucial. If you or someone you know is struggling to obtain Social Security benefits or has become disabled and is thinking about applying, it’s essential to get the right help.
Call Sage Disability at 800-316-2794 or visit our website at www.sagedisability.com. Our experienced team can guide you through the process, ensuring that you receive the benefits you deserve.