Social Security is the Government Program That Lifts the Most People Out of Poverty

Sep 18, 2018 / Amanda Chase, Horsesmouth Assistant Editor

It should come as little surprise as the baby boomer generation ages into retirement, but Social Security overwhelmingly lifts the most people out of poverty than any other government program. That’s according to the Census Bureau’s supplemental poverty measure released last week, which tries to take into account the government programs designed to assist low-income families and individuals that are not included in the official poverty measure.

Social Security kept 27 million people out of poverty, according to these numbers. Refundable tax credits had the second-biggest impact, keeping 8.3 million out of poverty. Conversely, medical expenses were the largest contributor to increasing the number of individuals in poverty. Worker expenses and the payroll tax, also known as the Federal Insurance Contributions Act, also put people in poverty.

The definition of poverty based in the supplemental measure is based on expenditure of food, clothing, shelter and utilities. Though it varies depending on geography, it’s about $27,000 for the typical two-adult, two-child household.

You can find the full article at MarketWatch.

 

IMPORTANT NOTICE
This material is provided exclusively for use by individuals with an active license to the Savvy Social Security Planning Program. Use of this material is subject to the Social Security Planning Program Agreement and applicable copyright laws. Unauthorized use, reproduction or distribution of this material is a violation of federal law and punishable by civil and criminal penalty. This material is furnished “as is” without warranty of any kind. Its accuracy and completeness is not guaranteed and all warranties express or implied are hereby excluded.

© 2024 Horsesmouth, LLC. All Rights Reserved.