Social Security payments were received by about 58 million American in February with an the average benefit of $1,249.55  per month.  However, not all Americans actually received Social Security.  Three percent of those aged 60-89 in 2015 did receive no benefits.

Here’s the breakdown:

  • Workers who do not have sufficient earnings to qualify for the benefits: 44.3%
  • Immigrants have not worked long enough arriving here at 50 or older: 37.3%
  • State and local government employees: 11.4%
  • Beneficiaries deceased before receiving benefits: 7%
  • Student loans that are unpaid are subject to social security benefits and receive on partial benefits

Benefit totals are impacted by longevity.  People born in 1900 often did not live past 50 years old, but today life expectancy is into the 80s across the world, according to the National Institute on Aging,

Of those who are 65 today 25% are expected to live past 90 years of age according to the SSA.  For this reason allowing your benefits to expand until you’re 70 makes good financial since.  However, it is important to factor in Medicare Part B premiums which cover doctors’ visits and outpatient services can be impacted by Social Security benefits.  Medicare Part B premiums cannot increase by more than the monthly increase in Social Security benefits next year.