In Tuesday’s post, Social Security is not Secure, but it Can be Fixed, I misquoted numbers from the Social Security Administration saying “…in December, 2011, 60.8 million people received Social Security at a cost of $62.2 million for the month.” These numbers are incorrect.
Social Security actually reported the number of people receiving Social Security, Supplemental Security Income, or both, in January 2012 as 60,945,000. The SSA paid a total of $66,954,000,000 in January 2012. By the end of 2012, Social Security will spend $803,448,000,000 — $803.5 trillion!
In January, the average Social Security retirement benefit in January was $1,124.40. The average Supplemental Security Income benefit in January was $517.30.