Social Security by the Numbers

According to an article by MSN Money, last year approximately 171 million American workers paid income tax (the payroll tax that funds Social Security), and nearly 72.9 million Americans received Social Security benefits. And that’s where the problem lies.

According to an SSA fact sheet, there were about 2.7 covered workers for each Social Security beneficiary in 2023 but that number will shrink to 2.4 by 2035 because millions of baby boomers will have retired. At that time, there will be about 77 million Americans aged 65 and older. It also coincides with when the Social Security trust fund is expected to reach a deficit level. Unless legislative action is taken, benefits will be slashed by about 20 percent.

The Seniors Trust is committed to improving the financial well-being of America’s retirees 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 will ensure the long-term solvency of the Social Security program.