The social security office released the June 2024 snapshot and it’s another jump in enrollments. For June 2024, there were 135,000 net new social security enrollees over the age of 65. A drop from 157,000 in May. The current monthly cost of the current benefits is $120.882 billion according to the social security snapshot.
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.
Accelerating Deaths
The interesting trend this year is the accelerating deaths. For example there were 135K new social security recipients however the total number of beneficiaries only grew to 72.376m which suggest 111k deaths.
We’ll keep an eye on social security enrollments in 2024 so stay tuned, stay profitable and stay solvent…
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