Social Security Facts and Figures Revealed

Social Security is the financial lifeblood of millions of older Americans, but how much do we know about this crucial program? A recent article by USAFacts has revealed some interesting facts and figures. Here are five you need to know:

1. Nearly 90 percent of people ages 65 and older are enrolled in the Social Security retirement program.
2. The number of recipients receiving retirement benefits has more than tripled in the past 50 years.
3. The average monthly benefit is $1,975.
4. Social Security accounts for 22.4 percent of the total federal budget.
5. Social Security spending has exceeded revenue since 2021.

These figures speak to the urgency to secure the long-term solvency of our Social Security program.

The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.