“Social Security replaces about 40 percent of an average wage earner’s income after retiring, and most financial advisers say retirees will need 70 percent or more of preretirement earnings to live comfortably.” – Social Security Administration4
Social Security helps:
Workers who become disables
Families in which a spouse or parent dies
What is the Old-Age and Survivors Insurance Trust Fund?
This type of trust fund is set up by the U.S. Treasury where a portion of taxes is put away to pay for the monthly benefits of retired workers, their families and survivors of deceased insured workers. This fund ensures that families receive their benefits automatically and the Social Security Administration doesn’t need to request money from Congress to pay for the benefits.5
Total Number of Social Security Beneficiaries receiving Benefits
Total Number of Social Security Beneficiaries receiving benefits from Old-Age and Survivors Insurance
Medicare and Social Security as Part of Federal Budget7
Of the $3.95 Trillion in Fiscal 2016 Estimated Spending:
Medicare = 15% Social Security = 24%
Budget for Social Security Compared With Medicare
According to the Congressional Research Service, “Mandatory spending is composed of budget outlays controlled by laws other than appropriation acts, including federal spending on entitlement programs.”8 Programs like Medicare and Social Security constitute the majority of mandatory spending.