The Number of Social Security Beneficiaries Breaks All Records

The data revealed by Office of the Chief Actuary of Social Security in December 2015 stated that the number of beneficiaries receiving social security crossed 60,000,000 in the beginning of the year. The data covers records of all sorts of beneficiaries. It includes survivors of deceased workers, retired workers and their dependents and disabled workers and their dependents.

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Social security Benefits Receivers in the Last 3 Months

The data shared by Office of the Chief Actuary of Social Security stated that the Disability Insurance Trust Funds and Old-Age and Survivors Insurance released benefits for 59,963,425 in December 2015. This number further increased to in January 2016 and boosted to 60,199,914 in February 2016. The average benefit paid to each beneficiary also increased. It rose from $1,228.12 in December 2015 to $1,229.85 in January and $1,230.70 in February.

Comparison with Currently Working US Citizens

Other vital data released by The Bureau of Labor Statistics revealed that about 151,074,000 people were working part time or full time in the US. When the data is compared it is derived that individuals who are getting social security are 1 per 2.5 workers. If one only looks at the number of people employed in February in full-time jobs, it is stated to be 123,206,000 and when compared with the number of people who have got social security the average comes down to 2.05 per 1 person who is a beneficiary of the Social Security Administration.

Record Spending

Another report released by Monthly Treasury Statement for September 2015 says that The SSA spent $944,143,000,000 in fiscal 2015 which is a record number. The record spending pace hasn’t halted yet. The SSA is still spending at a high pace. It has already spent $400,078,000,000 in the first five months of 2016 fiscal (a fiscal year beings in October and lasts till September the next year). This number was $390,260,000,000 in the 2015 fiscal.

 The Prediction

The budget estimate of social security spending by the government is predicted to be about $991,558,000,000. It was revealed in The Monthly Treasury Statement for February. This spending amount would be a new record too and the spending amount would be much larger than the amount spent in the last fiscal. In 2015 fiscal the amount spent was $944,143,000,000. Hence, there will be an increase of $47,415,000,000 in this fiscal as per the prediction.