The Social Security Administration is reporting spending hit $944,143,000,000 for last year. Here are some snippets but full story can be read here via CNSNEWS.COM:
– As of September, there were 59,737,817 beneficiaries getting Social Security or disability benefits
– At the same time, there were only 121,839,000 people with full-time jobs in the United States. Those 121,839,000 full-time job holders equaled about 2.04 for each of the 59,737,817 people getting Social Security or disability benefits.
– The 59,832,580 beneficiaries in October included 39,968,311 retired workers, 2,330,148 spouses of retired workers, 641,654 children of retired workers, 6,077,209 survivors of deceased workers, 8,922,858 disabled workers, 143,164 spouses of disabled workers, and 1,749,236 children of disabled workers.
Back in 2010, the CBO ran simulations on your chances of getting Social Security when you retire depending on what decade you were born in:
However, if you were born in the Eighties you have a problem. The numbers fall off a cliff if you are between 30 and 40 years old today. In only 13% of the possible scenarios you will get what you are currently expecting from SS. If you were born after 1990 you simply have no statistical chance of getting what you are paying for.