🌷Spring is in the air and you know what that means: Time for another pulse check on our fave government program (drumroll, please)...the lovely MISS SOCIAL SECURITY! 🥰💋
We're all still wondering how much juice this thing has left, and we've got some new facts and figures to share. 🧃
Here’s Five Fast Facts on the current state of Social Security:
- 🧾 Break Down Those Numbers - The Social Security Administration gives a report on benefits every month. The latest report shows $112.21 billion of benefits were paid out to over 66 million people in February 2023.
- 💍 Spouse in the House - Social Security benefits aren't one-size-fits-all and vary depending on what type of beneficiary you are. The average retired worker receives a monthly Social Security check of $1,830.66. However, qualifying spouses and children of those retirees collect an average monthly check of $899.20 and $858.79, respectively.
- 🆘 Going, Going, Gone - The Social Security Board of Trustees released their annual wellness check of the Social Security Trust Funds in March. According to the report, cash for the Social Security program will run out in 2031. If action isn't taken to increase funding, 66 million recipients will see benefits cut by 25%.
- 🫂 Can't We All Just Get Along? - A bipartisan group of senators are playing nice in the sandbox and working on hashing out a solution to the Social Security problem. They haven't revealed many details, but there's rumors of potential changes to the age for retirement and raising the taxable wage cap.
- 🆗 But Not Totally Gone - Social Security isn't completely going away, regardless of what happens. Roughly 90% of the program's revenue comes from the 12.4% payroll tax on earned income. As long as Americans keep working and all the payroll tax rules stay in place, there will always be some form of benefits to go around.
🔥Bottom line: This ain't our first rodeo with Social Security. 🏇 In the past, we've covered what it would take to fix it and whether or not it would still be around when Millennials move into the old folks home. It doesn't seem like things are any better since we last reported on it, but eventually something's got to give. Let's hope our friends in office turn this ship around sooner rather than later.
Are you worried about Social Security running out?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
