Here's How Social Security Generated $957 Billion in Income in 2016

Here's How Social Security Generated $957 Billion in Income in 2016

For millions of retired workers, Social Security is a financial lifeline that they simply couldn't do without. Of the nearly 42 million retired workers receiving a monthly benefit check, some 61% rely on that check to account for at least half of their income. That's huge, and it demonstrates what a critical role Social Security plays in helping seniors make ends meet during retirement.

Last year, in 2016, Social Security collected $957.5 billion in income, of which $922.3 billion was disbursed primarily to retirees, as well as millions of disabled folks, and the survivors of deceased workers. All told, this marked the 33rd consecutive year that Social Security's asset reserves increased, following the passage of the 1983 Amendments that gradually increased both payroll taxes and Social Security's full retirement age.

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Source: Fool.com