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70.6 million people received benefits from programs administered by the Social Security Administration (SSA) in 2022. 5.6 million people were newly awarded Social Security benefits in 2022. 55% of adult Social Security beneficiaries in 2022 were women. 55.6 was the average age of disabled-worker beneficiaries in 2022.
Aug 1, 2024 · The SSA distributed $97.8 billion to retirees and dependents in December 2023, for an average monthly benefit of $1,905. It distributed another $11.9 billion to disability recipients and their dependents, for an average of $1,531. Survivors enrolled in the program were granted $8.8 billion, an average of $1,501.
Jun 29, 2023 · CBO projects that if Social Security paid benefits as scheduled, spending on the program would increase from 5.2 percent of gross domestic product (GDP) in 2023 to 7.0 percent in 2097; that increase is attributable to the increase in the average age of the population. Revenues would remain around 4.6 percent of GDP over the same period.
Table of Contents. Fast Facts & Figures answers the most frequently asked questions about the programs administered by the Social Security Administration (SSA). It highlights basic program data for the Social Security (retirement, survivors, and disability) and Supplemental Security Income programs. Most of the data come from the Annual ...
Mar 28, 2024 · In 2023, major entitlement programs—Social Security, Medicare, Medicaid, Obamacare, and other health care programs—consumed 50 percent of all federal spending. Soon, this spending will be larger than the portion of spending for all other priorities (such as national defense) combined.
May 10, 2023 · 2023. The Social Security payroll tax rate is 12.4%, divided evenly between the worker and the employer; the tax is applied to the worker’s earnings up to an annual limit ($160,200 in 2023). Any covered earnings above the annual limit are not subject to the Social Security payroll tax and are not counted in the worker’s benefit computation.
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How much is Social Security spending in 2023?
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What if Social Security was paid as scheduled?
In CBO’s projections, the gap between Social Security’s outlays and revenues widens over the long term. Total spending on the program in 2023 is equal to 5.2 percent of GDP; by 2097, spending on the program reaches 7.0 percent of GDP. Over the same period, revenues remain at about 4.6 percent of GDP.
