Social Security

40 Comprehensive Social Security Facts

You have heard it all before (from me, if not elsewhere), but for some reason misinformation persists and is readily accepted as truth by many Americans.Β 

Here is a list of Social Security facts you can count on. Before passing along the common myths about Social Security, take a look at this list … please πŸ˜”

Source: 40 Comprehensive Social Security Facts

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3 replies »

  1. In the fairly long list of possible fixes, one I like is not being subject to social security pay roll tax once you have reached the minimum retirement age. Yes, system loses revenue coming in, but it gives a good incentive for those at the end of their work life to stay working for a few more years.

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  2. I knew of most of these facts but the one number that really stood out for me was that 31.5% of the people who were receiving benefits were not retired. I did not realize that it was so high.

    The other was that the articles claims that the SSA is “incredibly efficient” at what I assumed was an administrative expense ratio rate of 0.6%. I did not know that any government agency could ever be considered efficient. I am sure that there is still plenty of waste and fraud but it is still surprising that it was “efficient”.

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    • There are two sides to the equation. If you are spending lots of money and you measure admin against that Money which is not driven by admin then it’s not hard to get a low % of total costs. Same as Medicare.

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