Here's How Social Security Spends $1 Trillion a Year
Whether you realize it or not, Social Security is our nation's most important social program. Each month, the Social Security Administration (SSA) dishes out more than 64 million benefit checks, with at least 22 million folks being pulled out of poverty as a result of their guaranteed monthly payout. In total, 62% of retired workers -- retirees make up about 70% of all Social Security beneficiaries -- lean on the program to account for at least half of their monthly income.
Something else you may not realize is just how massive Social Security truly is. In a typical year, spending for the federal government will come in around $4 trillion. In 2018, Social Security alone spent $1 trillion!
Where does all of this money go? Let's take a closer look.
Source Fool.com
