The social security office released the January 2024 snapshot and it’s a huge jump in enrollments. For January 2024, there were 140,000 new social security enrollees over the age of 65. The current monthly cost of the current benefits is $118.9 billion according to the social security snapshot. We are adding the monthly cost to our charts moving forward in 2024.
We expect the social security enrollments to balloon over the next 7 years as all baby boomers will hit age 65 by 2030 so the numbers will start to trend upward faster and higher.
On average 120,000 baby boomers retired every month in 2023. Unfortunately not all baby boomers have enough money to retire so they will be heavily dependent on social programs to get by day to day.
The January 2024 CPI report also showed inflation not waning and could potentially be back in an upswing which won’t bode well for anyone on fixed income. How will inflation be tamed if millions of people are retiring each year, receiving social benefits and consuming but not contributing to the labor force?
We’ll keep an eye on social security enrollments in 2024 so stay tuned, stay profitable and stay solvent…
[…] crisis, huge $34 trillion treasury debt, and the ever growing handout of money to people on social security and subsidized […]