Statistics Script

Search This Blog

Friday, March 30, 2012

Guide to Social Security Planning

General Statistics

According to a report by the Trustees of the Social Security program issued in 2011, 54 million people 
received some type of Social Security benefit in 2010, totaling $706 billion.

According to the Employee Benefit Research Institute, Social Security represents 40% of the income of 
all elderly people in the United States.

The poverty rate for those age 65 and older was 35% in 1960 and was 9% in 2010.  Without Social 
Security, the poverty rate for people age 65 and older in 2010 would have been 45%, according to the 
AARP Public Policy Institute.

Obviously, Social Security has become an integral financial consideration for most Americans. To counsel 
them effectively, advisors must be aware of what the program can and can’t do. We’ll begin here with 
some basic background information that will come in handy as you move into subsequent chapters on 
client planning concerns. Beginning in this chapter and throughout the book, we’ll frame many sections
around questions that a client might ask a CPA so that practitioners can easily find the answers to 
common concerns

No comments: