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THE RESULTS ARE IN ON SOCIAL SECURITY
Do you ever worry that Social Security might not be there for you when you need it? On May 13, the Trustees of the Social Security Trust Fund released their annual report that affirmatively answers that question: yes, Social Security is alive and well. Below you will find some highlights from the Trustee’s report and important facts about Social Security:
Amount of annual surplus in 2011: $69 billion
Projected Trust Fund Balance for 2011: $2.7 trillion
Number of years Social Security is projected to be able to pay full benefits, without any shortfall: 25 years
Cost of administering Social Security as percentage of total expenditures: 0.9%
Average monthly Social Security benefit received by retired Americans: $1,164
Drop in value of private retirement accounts during the Great Recession: $2.8 trillion
Drop in value of Social Security benefits during the Great Recession: $0
Number of recessions Social Security has weathered without failing to pay benefits: 13
Number of times Social Security has failed to pay an earned benefit: 0
In response to the Trustees' report Rep. Becerra, the highest ranking Democrat on the Ways and Means Subcommittee on Social Security, said: “Today’s report confirms what we already know: Social Security will weather the storm once again. You simply can’t buy the kind of retirement, disability and life-insurance protection on the private market that Social Security provides.”
I received this encouraging e-mail from Rep. Becerra, my Congressman. I consider him to be one of the best if not the best in the House.
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