Why Are Social Security Rolls Shrinking?
The rate of growth in the number of retired Americans collecting Social Security is decreasing. Many believe that may be due, at least in part, to COVID-19.
Prior to the pandemic, the number of Social Security beneficiaries had been increasing as more Baby Boomers – those born between 1946 and 1964 – started to reach retirement age. That all changed with COVID-19. While the coronavirus forced many older Americans into early retirement, it was also responsible for an increased number of deaths. According to the CDC, people over the age of 65 account for about 80% of the total deaths from the COVID-19.
Additionally, a Bloomberg article noted that the number of people who received retirement benefits from the Social Security Administration rose 900,000 to 46.4 million in March. That’s the smallest year-over-year gain since April 2009.
Even though the number of recipients is declining, the financial future of Social Security is still in jeopardy. The Seniors Trust is working to make sure the program is here for today’s retirees and tomorrow’s. We must see the passage of the Social Security Expansion Act. This landmark piece of legislation will secure the long-term solvency of Social Security in addition to increasing monthly benefits and establishing a fairer cost-of-living adjustment.
