Social Security Payments Hit All-Time High
New data from the U.S. Treasury reflect the long-feared pressure on the
Social Security system from growing numbers of retiring baby boomers.
By the end of August, the federal government had already paid out a record
annual amount in Social Security benefits during fiscal 2012, $594.6 billion —
even though there was still a month left in the fiscal year, according to the
Monthly Treasury Statement released on Thursday.
In August, a record 45,505,287 retired workers, their spouses and dependents
were receiving Social Security benefits.
In fiscal 2011, which ended on Sept. 30, 2011, the government paid $591.4
billion in benefits from the Old Age and Survivors Insurance Trust Fund, the
most the government had ever paid in Social Security benefits in any fiscal year
since the Social Security program started paying benefits in 1940.
So the government paid about $3.21 billion more in benefits in just the first
11 months of this fiscal year than it paid in all of record year 2011.
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