How Important Is Social Security? Here Are 3 Statistics You Should Know
The Social Security program is one of the most important government programs in the United States. Even though over 84 years have passed since the program’s inception, social security benefits remain crucial in helping many people live a quality life. Here are just three statistics demonstrating the importance of social security in America.
Statistic 1: How Many People Receive Social Security?
Social security helps millions of people every year. In 2018, 67.9 million people received social security benefits. This means approximately one-fifth of all people in the U.S. are receiving social security! It just goes to show how much of an impact the program has on the country.
Even more helpful, social security assists millions of people in rising above the poverty line each year. If it weren’t for social security, those people would be left behind. This is especially pertinent considering that many elderly people rely on social security benefits as their main (or only) source of income in their golden years.
Statistic 2: What Kinds of People Receive Social Security?
Social security benefits don’t help just retired people, although that is one focus. There are other social security programs that help the disabled and the poor. Recipients may receive Social Security Disability Insurance (SSDI) benefits, Supplemental Security Income (SSI), or retirement benefits.
In total, for 2018, about 70% of beneficiaries received retirement benefits 14% were disabled workers, 9% were survivors of deceased workers, and 7% were spouses and children of retired or disabled workers.
Each program has its own unique set of requirements, and navigating the application process can be difficult. If you have any questions about your social security disability benefits, contact Social Security Disability Advocates USA today.
Statistic 3: Where Do the Benefits Come From?
The importance of social security in America has significant and lasting impacts on the community, so much so that even slight changes to the program come with both ardent censure and support. Regardless of social security’s problems, the fact is that millions of people receive aid from what the programs have to offer.
Furthermore, much of the money comes from the Federal Insurance Contributions Act (FICA) tax, otherwise known as the payroll tax ($949 billion, to be precise). In fact, almost two-thirds of the government’s mandatory spending fund goes towards social security benefits. Social security is a pay-as-you-go program, meaning your current contributions are aiding someone who needs the money now. The same will be true for if you become disabled or when you reach retirement age.
Additionally, one challenge the program currently faces is that the number of baby boomers retiring does not match the average birth rate. This means there will be more retired workers than working people, thereby requiring the Social Security Administration (SSA) to pull money from its trust funds and/or come up with alternative solutions so that the benefit funds don’t run dry.
Have Questions About the Importance of Social Security in America?
Make no mistake: Social security is one of the most crucial programs in the country. Social security benefits aid the poor, disabled, and elderly. You, too, can benefit from social security programs by signing up. If you have questions about whether you qualify for disability benefits, contact a lawyer advocate from SSDA USA today.
Our phone number is (602) 952-3200 . Also, you can reach us online with a contact form or through our LiveChat feature. Don’t keep your questions waiting; get in touch with us today!
This is attorney advertising. SSDA, LLC is a group of attorneys that pursues claims for Social Security Disability benefits on behalf of its clients against the Social Security Administration. SSDA, LLC is in no way a part of the Social Security Administration. Further, the information on this blog is for general information purposes only. Nothing herein should be taken as legal advice. This information is not intended to create, and receipt or viewing does not constitute, a representative-client relationship.
