Politics & Policies

Social Security in US – 71 percent of the 59 million current recipients are retired workers

Social Security is the federal government’s largest single program. Of the 59 million people who currently receive Social Security benefits, about 71 percent are retired workers or their spouses and children, and another 10 percent are survivors of deceased workers; all of those beneficiaries receive payments through Old-Age and Survivors Insurance (OASI). The other 19 percent of beneficiaries are disabled workers or their spouses and children; they receive Disability Insurance (DI) benefits.

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In fiscal year 2014, spending for Social Security benefits totaled $840 billion, or almost one-quarter of federal spending; OASI payments accounted for about 83 percent of those outlays, and DI payments made up about 17 percent. Each year, CBO prepares long-term projections of revenues and outlays for the program. The most recent set of 75-year projections was published in July 2014. Those projections generally reflect current law, following CBO’s 10-year baseline budget projections through 2024 and then extending the baseline concept for the rest of the long-term projection period. This publication presents additional information about those projections.

Chosen excerpts by Job Market Monitor. Read the whole story at CBO’s 2014 Long-Term Projections for Social Security: Additional Information | Congressional Budget Office.

Discussion

4 thoughts on “Social Security in US – 71 percent of the 59 million current recipients are retired workers

  1. Reblogged this on mpkalishdotcom and commented:
    Good overview of the Social Security System

    Posted by mpkalish01 | December 20, 2014, 8:53 pm

Trackbacks/Pingbacks

  1. Pingback: Social Security in US – More people claim at their first opportunity | Job Market Monitor - March 14, 2016

  2. Pingback: Social Security in US – What if we were to recast it as true insurance? | Job Market Monitor - April 7, 2016

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