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Social Security’s major milestone, coming in 2019
Perhaps except for Medicare, Social Security is the quintessential benefit program available to America’s senior citizens. With over 62 million people relying on the program as an important part of their monthly retirement income, few would argue that the program isn’t enormous in size, paying out many billions of dollars monthly to beneficiaries. But just how big are those expenditures that so many depend on? Well, in 2019 Social Security will hit a major milestone, distributing over $1 trillion dollars in benefits to retirees, the disabled, and dependents of retirees. And while that may seem like a good thing, the bad news is that the program is also projected to bring in less than that in 2019 revenue, meaning the shortfall will be taken from reserves which have been building up for about 36 years. In this Motley Fool article by Sean Williams, the author describes the demographics of benefit recipients as well as some detail about where revenue comes from and how that matches up with projected expenses. Click here to read more.