Social Security comes quite close to being at the top of the list in terms of federal government spending. Based on the Center on Budget & Policy Priorities, Social Security accounted for around 21% of the federal budget for 2022. The overall spending, $1.2 trillion, was the second-highest of any U.S. government initiative.
Social Security COLA 2022
The majority of Social Security Administration spending was on the $1,538 monthly average pension payments for 49 million current retirees. However, the SSA also gave payments to roughly 3 million children and spouses of retirees, 6 million surviving family members & spouses of employees who passed away, and 9 million disabled workers including their qualified dependents. In 2022, the entire amount spent on Social Security was approximately $1.07 trillion, or Old Age and Survivors Insurance. Along with the workers, this money also benefits their spouses & survivors.
The amount of Social Security contributions made by employees throughout their careers and the timing of their decision to enroll in the program determine the individual retirement benefits. You can apply to start at age 62, but if you begin receiving benefits before reaching the age of retirement, which is either age 66 or 67 based on when you were born, your monthly payout will be decreased. There is now no benefit to waiting over the age of 70 to apply for retirement benefits.
Social Security Disability Insurance
The Supplemental Security Income program, which provides monthly benefits to individuals and children who fulfill certain financial requirements and have a disability or blindness, accounted for almost $68.5 billion of the SSA’s 2022 spending. People older than 65 who meet the income requirements can also get SSI compensation even if they are not disabled.
For single recipients and couples, the minimum payment for SSI in 2022 was $841 and $1,261, respectively. Many grantees, meanwhile, do not receive the full amount. Throughout the most recent update for which information is available, roughly 7.6 million persons received SSI payments, with a mean monthly payout of about $624. Social Security Disability Insurance provided an additional $145 billion in benefits reports GoBanking Rates.
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