Social Security Revenue Vs Expenditures
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Social security is mainly concerned with retirement benefits while ssi is designed to assist persons and children in fulfilling their basic needs.
Social security revenue vs expenditures. The difference between social security and ssi can be mainly distinguished by considering their aims. The social security administration collects payroll taxes and uses the money collected to pay old age survivors and disability insurance benefits by way of trust funds. In 2020 the projected difference between social security s expenditures and non interest income is 73 billion. The social security administration s annual trustees report issued a stern warning monday costs will exceed revenues next year for the first time in nearly 40 years.
At the end of 2014 the trust fund contained or alternatively was owed 2 79. Selection territory 32 32 social security funds 14 11 expenditure phase 2 3 expenditures type 18 18. When the program runs a surplus the excess funds increase the value of the trust fund. Since all of my friends are hard working americans that have paid into social security their entire working lives i thought you might like to see the raw figures with respect to social security revenues and expenditures over the years.
Summary social security vs ssi. The differences between capital expenditures and revenue expenditures include whether the purchases will be used over the long term or. 2 the projected general revenue demands of smi are 377 billion. Social security funds s13 revenue thousands of euro social security funds s13 number of employees.
Social security took in 912 billion in fiscal 2018 and spent 991 billion. Social security funds expenditures thousands of euro customise. In fiscal 2018 expenditures exceeded revenue including interest on investments for the first time since 1982.
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