Current Events — HabitableZone

Current Events » in reply to More on Social Security

Social Security payments

The big increase in the number of SS beneficiaries is definitely cause for alarm, but also a bit misleading. Most of it is due to the a big jump in DI/SSI payments to new disableds and 'needy' children.

However, the DI/SSI portion of Social Security payouts is only about 20%. 80% of total payments still goes to the OASI (old age survivors insurance) retirees and surviving spouses/families.

Ironically, one of the greatest challenges to the future solvency of SS is due to our wondrous advances in medical science in the last 30-40 years. 65 year-old retirees used to draw maybe 5 years of payments then drop dead; now they're living an extra 5-10 years and of course collecting SS checks every month. The government has attempted to address the longevity issue by sneaking up the retirement age (currently 67 if you're born after 1954) and they'll probably continue and nudge it up to 70, and hope people like the AARP don't notice...

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