The social security office released the July 2024 snapshot and it’s a 217% jump from last month but we think last month was an anomaly but the trend has returned to normal. For July 2024, there were 141,000 net new social security enrollees over the age of 65. A jump from from 135,000 in June. The current monthly cost of the current benefits is $121.129 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.
Keep in mind that this is ONLY social security. We’d love to get accurate and current data on medicare but we have struggled to find any place that houses this data.
2030 Extrapolation
We did a simple excel extrapolation based on the current data to see what social security would cost on a monthly basis in 2030 when all boomers are over the age of 65 and the number is alarming. Based on current trends, social security payouts will be $146 billion per MONTH or $1.75 trillion per year by 2030, and that’s just social security.
We’ll keep an eye on social security enrollments in 2024 so stay tuned, stay profitable and stay solvent…