By the year 2020, more than two million Americans will be enrolled in the Social Security system.
The average American will pay about $3,600 a month in premiums, according to the Congressional Budget Office.
The Social Security Administration and Social Security Works are tasked with the design and construction of the program.
However, it is still unclear whether the agency has the expertise and resources to meet its goals and how the system will evolve with the aging of the population.
For now, the federal government has a variety of programs in place to assist low-income and elderly Americans, including:• The Supplemental Security Income (SSI) program, which provides cash benefits to low-wage workers, elderly people and the disabled;• Child Care and Development Tax Credit (CCT), which provides tax credits to working families;• Medicaid, which helps low- and moderate-income families afford health care;• Supplemental Security Employment Tax Credit, which allows individuals to earn income-based benefits that can be used toward housing, medical expenses and other expenses.• Disability insurance, which is a government program that pays people to provide care for their disabled relatives and friends.• Federal Emergency Management Agency (FEMA), which manages the country’s response to natural disasters and other emergencies;• and the Supplemental Nutrition Assistance Program (SNAP), which helps Americans with food stamps.
The government has provided $1.8 trillion to cover the cost of the programs since its inception in 1935, according the Bureau of Labor Statistics.
And the program is expected to grow to about $4 trillion by 2020.
The programs help people who are eligible but don’t have the means to pay for the cost, according.
“That’s not to say that we can’t get there,” said Charles Ewing, senior vice president of the Social Insurance Institute, a nonprofit that works to strengthen Social Security and Medicare.
“But it will take time and it will require investment in the future.”
To meet its goal of keeping people from going broke, the Obama administration has made investments in programs such as the Supplemental Security Investment Income (which is also known as the SSI), the Children’s Health Insurance Program (CHIP) and the Job Corps, according, according with the Center on Budget and Policy Priorities.
The Obama administration also announced an increase in benefits to cover health costs, including health care for the elderly and disabled, the expansion of the Childrens Health Insurance Portability and Accountability Act (CHIPS), which will allow states to enroll children under 18 in private and public health insurance programs, and the extension of the Deferred Action for Childhood Arrivals (DACA) program.
It also announced the creation of the Federal Health Insurance Marketplace, which will provide low-cost health insurance to eligible Americans, and has promised to expand Medicaid coverage to every state.
However the government has not set a timeline for the implementation of the law, which also includes a requirement that every American, regardless of income, must have health insurance or face penalties.
Despite the funding boost, Social Security benefits will still be less than those available to other Americans.
The government is still paying more than $1,800 for each month a worker is eligible for Social Security, according data compiled by the Center for Retirement Research at Harvard University.
That figure includes a Social Security benefit, which the government pays out to people who qualify for it.
According to the Center, the government paid out $1 trillion to the elderly in the year 2000, with $947 billion in payments going to people 65 and older, $857 billion to workers under age 65, and $531 billion to individuals over age 65.
In 2020, that number is projected to increase to $859 billion, according estimates from the Government Accountability Office.
As the retirement boom begins to end, there is concern that the cost to the country of providing benefits to Americans could skyrocket.
According with a study published in the journal Health Affairs, the U.S. government could see a $1 billion shortfall in benefits in 2020 due to a combination of the aging population and the expiration of the tax-credit for older workers.
And it could also face a $2 trillion shortfall in 2020 from the retirement of the Baby Boom generation, according Health Affairs.
In the study, the authors calculated that a two-percentage-point increase in the retirement age would reduce Social Security’s revenue by $1 for every $1 of income.
If the retirement rate is increased by an additional one-half percentage point per year, the savings could be $2.8 billion by 2020, the researchers estimated.