Have you ever wondered how your Social Security tax dollars are spent? As politicians bicker and evaluate the funding of the system, the financial website the Motley Fool had an excellent breakdown of how tax money is broken down.
According to the website, Social Security tax dollars are spent in the following ways:
- Retired worker benefits (74 percent) the bulk of money goes towards retiree benefits. The Social Security Administration estimated that in 2013, $0.74 of every dollar spent went to these benefits.
- Survivor benefits (10 percent) an estimated $0.10 of every tax dollar spent by the SSA goes to the survivors of deceased workers—these benefits are critical for the spouses and children of workers who have been killed.
- Disability benefits (16 percent)—these are Social Security Disability Insurance $0.16 of each dollar goes to the disabled, who can no longer work. Below, we will discuss these benefits further.
- Administrative expenses (less than 1 percent)—these are the costs covering items such as offices and employees for the SSA.
As you can see by these numbers, the SSA does a good job pushing most of the tax dollars it brings in back out into the public.
How Can I Collect Social Security Disability?
We suggest visiting our Social Security FAQ page if you have questions about qualifying for the SSDI benefits mentioned above. It should be noted that in order to qualify for SSDI, a person suffering from a disability has to show the SSA that his or her condition will last longer than 12 months and could result in death.
Remember, SSDI benefits are vital to families. A 2013 study released by the Urban Institute (UI) showed that SSDI benefits account for the majority of family income for nearly half of all beneficiaries.
For more information about the SSDI process, you can speak with our attorneys.
Troutman & Troutman, P.C. – Tulsa Social Security disability lawyers
Troutman Touts: An estimated 44 percent of SSDI recipients are between the ages of 31-49.