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Aging Baby Boomers Will Impact Social Security

North Dakota likely will see a significant increase in Social Security income.

In 2008, the number of Social Security beneficiaries in North Dakota totaled 117,130. Retired workers and their dependents made up 72 percent of these beneficiaries and received $906 million in payments.

Baby boomers (born from 1946 through 1964) will begin turning 65 next year. 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 increase will be dramatic because the baby boom is a bulge rather than an incremental increase,” says Richard Rathge, director of the North Dakota State Data Center at North Dakota State University. “For example, our best projections suggest the number of elderly receiving Social Security will jump by 15 percent within the next five years and an additional 18 percent during the following five years.”

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

The average monthly Social Security benefit for a retired worker in North Dakota was $1,074 in 2008, an increase of 9 percent from 2000 after adjusting for inflation. Nationally, retired workers received an average of $1,153 per month in payments in 2008.

Other Social Security recipients include disabled workers and their dependents. This group made up 13 percent of all beneficiaries in 2008 and received $167 million. Survivors (widows and widowers) comprised 15 percent of all Social Security beneficiaries in the state and received $273 million in 2008.

Population projections suggest that the number of people 65 and older will increase by 59 percent from 2008 to 2020.


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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Social Security Benefits By State Preview
(0316 Econ brief.pdf - 391.27 Kb)
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