On What Did Social Security Spend Over $1 Trillion in 2019? - The Motley Fool
The Social Security Administration (SSA) spent $1.06 trillion in calendar year 2019, the largest single outlay category in the entire federal budget at around 25% of all spending. The Social Security Trustees issue a report each April that among many things lists where the funds are spent. Sean Williams summarizes the outlays in this piece, noting that 98.9% of the funds expended goes to eligible beneficiaries. He details who these people are, but retired workers make up the single largest category. Operating/administrative expenses are a scant 0.6% of outlays, which suggests an efficient program. Williams also briefly debunks the rampant conspiracy theories that the undocumented get benefits and that Congress spends Social Security funds on their own “wish lists.” Neither is true. Full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC supports a bipartisan compromise, “The Social Security Guarantee Act,” taking portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with many congressional offices and staff over the past several years. Read AMAC’s plan here.