The Social Security Administration Just Topped $1 Trillion in Spending for the First Time Ever
Social Security is widely considered to be the most important social program for our nation's retired workers. Each month, as of September 2017, nearly 42.2 million retired workers receives a check averaging about $1,372.
While that may not sound like a lot of money, it equates to at least half the monthly income for 62% of elderly beneficiaries and 90%, or more, of the monthly income for about a third of retirees. Put plainly, millions of retirees would probably be living in poverty without a guaranteed monthly stipend from Social Security.
However, these guaranteed payments add up over time. With baby boomers retiring at an average rate of more than 10,000 persons a day, and the average 65-year-old likely to live 20 more years according to data from the Social Security Administration (SSA), the amount the SSA is paying out annually is rapidly growing.
Source: Fool.com
