Wednesday, December 12, 2012

The number of people turning 65 revisited. How much in Social Security is that going to cost? See the analysis of the 2011 to 2012 bump here...

I am revisiting this graph because it fascinates me.

Just eyeballing it (and inserting two somewhat straight lines) and looking at the change from 2011 to 2012 astounds me. 

There is roughly a daily average change in the number of people turning 65 of 1,500 people. That translates into 547,000 newly minted 65 year olds OVER the number minted in 2011.

If ALL those people filed for and received Social Security checks (the average check SS check for 2012 is $1,230 according to the SSA) that would require a little over $8 billion dollars to be added to the budget in one year on top of what is already paid in Social Security benefits in prior years.

Now, Medicare kicks in too. See how it adds up quickly.

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