Industry News

On July 6, 2022, the Congressional Research Service (CRS) published its updated report, Social Security Primer. The CRS report provides an overview of Social Security financing and benefits under current law. The report also includes information regarding: 1) the origins and a brief history of the program; 2) Social Security financing and the taxation of benefits; 3) status of the trust funds; 4) Social Security reform debate; 5) Social Security benefit rules and how benefits are computed; and 6) information about Social Security beneficiaries.

According to CRS, there were about 65.5 million Social Security beneficiaries as of April 2022.  Of those, 50.5 million (77%) were retired workers and family members, 9.2 million (14%) were disabled workers and family members, and 5.9 million (9%) were survivors of deceased workers. 

The report is available here.