USA Facts - The
Social Security system brought in more money than it paid out every
year from 1982 to 2020. But since then, it’s run on a deficit. The
Social Security Administration (SSA) projects that the trust funds
supporting the program could be depleted by 2034 unless Congress acts to change it....
- The number of Social Security recipients has grown by 266% since
1970. The SSA projects that nearly 69 million people will receive
monthly benefits this year. Nearly 90% of people 65 and older were in
the program at the end of 2024.
How Social Security works - US workers pay into the trust funds through payroll taxes and
employers match these contributions. The SSA estimates that workers
contributed $1.3 trillion to the trust funds in 2024. These payroll
taxes go into the Old-Age and Survivors Insurance and Disability
Insurance trust funds, which fund Social Security. The funds were worth a
combined $2.7 trillion at the end of 2024.
- The number of Social Security recipients has grown by 266% since
1970. The SSA projects that nearly 69 million people will receive
monthly benefits this year. Nearly 90% of people 65 and older were in
the program at the end of 2024.
- The trust funds supporting Social Security have run on a deficit
since 2021. In 2024, they took in $1.42 trillion and spent $1.48
trillion, depleting the funds by a record $67 billion. Since reaching
their peak in 2020, the overall value of the trust funds has decreased
by $187 billion, or 6.4%.
- A
record number 4.3 million babies were born in 1957. People born that
year turned 65 in 2022. Since then, the share of the population that’s
65 and older nearly doubled, from 9.0% to 17.2%. Around 1960,
65-year-olds were expected to live to the age of 79. In 2022, they were
expected to live to 84.
The SSA expects the number of Americans 65 and older to grow by 26%
in the next 12 years, from about 61 million in 2023 to about 77 million
in 2035. Much more |
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