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Politicians supposedly recognize the danger of even approaching tinkering with it.
GOBankingRates dug through data to answer that question.
How Much Does the United States Spend on Social Security Annually?
Social Security benefits comprise a significant portion of the federal budget.
As more Americans enter retirement years, its logical to expect Social Security spending to increase year over year.
Who Receives Social Security Benefits?
Its easy to assume that only retired workers receive Social Security benefits.
Retirees do compose the largest recipient base of benefits,with the group getting 75% of the spending.
Moreover, funds consist of 30% of income for people over 65.
Will Social Security Run Out?
A growing concern for many Americans is that Social Security isnt sustainable.
More people are retiring, leaving fewer workers per beneficiary.
As our population ages, this concern may understandably increase.
The Social Security is on record as sayingfunds will deplete by 2035.
There are some possible solutions to provide relief, but they may prove painful for some.
Possible remediescould include:
Its clear that some form of intercession will be necessary.
Doing nothing will result in the depletion of resources in just over a decade.
Saving Social Security benefits is possible but may involve some pain.
Social Security is a substantial part of our federal budget.
Tens of millions of Americans rely on the monthly income to manage their finances.
The governmental program is funded entirely via payroll taxes.
Changes are necessary to ensure the program will continue to be there as a safety net for retired Americans.
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