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Aging Baby Boomers Will Impact Social Security in N.D.

Population projections suggest that the number of people 65 and older will increase by 60 percent from 2007 to the year 2020.

In 2007, the number of Social Security beneficiaries in North Dakota totaled 116,418. Retired workers and their dependents comprised 72 percent of these beneficiaries and received $871 million in payments.

Baby boomers (born between 1946 and 1964) will begin turning 65 in two years. As they leave the work force and enter retirement during the next five to 10 years, North Dakota likely will see a significant increase in Social Security income.

This month’s “Economic Brief,” a monthly publication from the North Dakota State Data Center at North Dakota State University, focuses on Social Security in North Dakota - beneficiaries, annual payments and average monthly benefits.

The average monthly Social Security benefit for a retired worker in North Dakota was $1,005 in 2007, an increase of 6 percent from 2000 after adjusting for inflation. Nationally, retired workers received an average of $1,079 per month in payments in 2007.

Other recipients of Social Security payments include disabled workers and their dependents. This group comprised 13 percent of all beneficiaries in 2007 and received $156 million. Survivors (widows and widowers) were 16 percent of all Social Security beneficiaries in North Dakota and received $269 million in 2007.

Population projections suggest that the number of people 65 and older will increase by 60 percent from 2007 to the year 2020.

“This sizeable shift in elderly will be dramatic,” says Richard Rathge, State Data Center director. “We need to be prepared for this because it will impact many different areas including Social Security, taxes, housing, volunteer work and labor issues.”


NDSU Agriculture Communication

Source:Richard Rathge, (701) 231-8621, richard.rathge@ndsu.edu
Editor:Rich Mattern, (701) 231-6136, richard.mattern@ndsu.edu

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