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Nearly one in six Colorado residents-915,854 people-receive social security benefits. These payments inject more than $15.8 billion into the state's economy every year.
Who receives benefits?
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Retirement benefits: The largest group of beneficiaries in Colorado are its 690,452 retired workers, who account for 75.4% of all Social Security beneficiaries in the state.
Disability benefits: Colorado has 92,314 residents who receive Social Security disability income, representing 10.1% of the state’s Social Security beneficiaries.
Spousal and survivor benefits: In Colorado, 86,457 spouses, former spouses, widows, widowers, and parents of deceased beneficiaries account for 9.4% of the state’s Social Security beneficiaries. An additional 46,631 children, representing 5.1% of the state’s Social Security beneficiaries, receive benefits.
How does this impact the economy?
Recipients buy goods and services with their Social Security benefits, increasing business sales—which help not only the companies making those sales but also the firms that supply them. The result is more jobs and income to businesses and workers in Colorado.
In addition to this, Social Security lifted 201,000 Coloradans 65 or older out of poverty from 2018 through 2020. In fact, 30.4% of the state’s residents in this age group would be in poverty but for Social Security benefits; that number falls to 7.4% when Social Security income is included.
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