Social Security’s Long-Term Outlook
The non-partisan Congressional Budget Office (CBO) recently revised its long-term projections for Social Security. The CBO said about 56 million people will receive Social Security benefits this year. Sixty-nine percent of them are retired workers, their spouses, and children, 12 percent are survivors of deceased workers, and 19 percent are disabled workers or their spouses and children. CBO projects that in fiscal year 2011, Social Security’s outlays will total $733 billion, one-fifth of the federal budget. The agency’s projections included a look at major financial and demographic trends affecting Social Security.