Although Social Security provides important financial protection for people in their working years by way of disability or survivors, the overwhelming majority of people receiving Social Security, 84%, are age 62 or older.
The following chart illustrates the age stratification for all Social Security beneficiaries, with an additional breakout for those age 62 and older.
Group/% of Total | Number | Male/% of Group | Female/% of Group |
All beneficiaries/100% | 64,850,867 | 29,182,891/46% | 35,667,976/54% |
Age-Under 18/4% | 2,594,035 | ||
Age 18-61/11% | 7,747,832 | ||
Age 62 and over/84% | 54,509,000 | 24,389,000/44.7% | 30,120,000/55.3% |
Older Adult Age Cohorts
Group/% of Total | Number | Male/% of Group | Female/% of Group |
Age 62-69/29% | 19,066,000 | 8,707,000/45.7% | 10,359,000/54.3% |
Age 70-84/46% | 29,670,000 | 13,577,000/45.8% | 10,359,000/54.3% |
Age 85 and older/9% | 5,772,000 | 2,104,000/36.5% | 3,668,000/63.5% |
Age 99 and older/.18% | 114,408 | 22,312/19.5% | 92,096/80.5% |
At each age bracket, women are the majority of beneficiaries. At the most advanced brackets, age 85 and older or 99 and older, women hold a supermajority at 63.5% and 80.5% respectively. This is critical from a policy and legislative perspective because the importance of Social Security benefits increases incrementally each year as you age. This gradual increase in importance of Social Security as a dependable, inflation-protected income flows from the health expense increase and steady depletion of assets that accompany advancing age. .
Sources:
https://www.ssa.gov/policy/docs/chartbooks/fast_facts/2021/fast_facts21.html#contributions
https://www.ssa.gov/OACT/ProgData/awards.html
https://www.ssa.gov/policy/docs/statcomps/supplement/2021/5a.pdf
Government Relations and Policy, November 2, 2021