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December 16, 2022 at 03:42 PM
Based on size alone, the Social Security system is one of the most important and popular programs operated by the federal government.
According to the Center on Budget and Policy Priorities, in 2022, fully 21% of the federal government budget, or $1.2 trillion, will be used to pay for Social Security. Apart from the money spent on operations and administration, the vast majority of those dollars go to providing monthly retirement benefits to nearly 70 million retired workers and other beneficiaries.
As the numbers show, the program is a critical source of financial security for vast portions of the American population, and as such, it is no surprise that efforts to modernize the program tend to be met with equal parts optimism, urgency and skepticism.
Planning experts agree that financial advisors must keep up to speed on the ins and outs of the federal retirement income security program. Optimized claiming decisions can help clients secure a meaningful boost in lifetime income, while poor claiming choices can spell undue financial hardship.
Explore the following slideshow to test your knowledge of key Social Security facts and figures. Only the most Social Security-savvy can ace the quiz, but all advisors can benefit from the refresher.
(Images: Chris Nicholls/ALM)
Slideshow
