>$1 Trillion
Curious to find out how much money is being paid to Social Security beneficiaries? Since the number of 65-and-older Americans is so big (and still increasing), you can imagine how much money we’re talking about.
Social Security Administration estimates that more than $1 trillion in benefits was paid just last year to Americans. This is another number that is expected to rise as the number of retirees increases.
SSA also showed that, in 1940, a 65-year-old American had a life expectancy of only 14 years. In 2021, a 65-year-old person has a life expectancy of 20 years. Because longer life equals higher payouts, Social Security must solve its funding problems to prevent benefits from being reduced in the future.
We suggest you also go and read more about Social Security benefits here!
NJ should be on your list of “12” as Social Security is taxed federally.