Social Security payments hellp to fuel state economies

Published 1:30 am Wednesday, May 17, 2017

By Kirk Larson

Public Affairs Specialist Social Security, Washington State

Social Security is a critical federal program that promotes income stability among millions of households in the United States. Social Security is always evolving to meet the needs of the American public. We’re optimistic about the future and the limitless possibilities for progress.

Much of the progress we’ve made together, as a nation, is through the shared responsibility of paying Federal Insurance Contributions Act tax. This payroll tax funds Social Security— programs that provide benefits for retirees, the disabled, and children of deceased workers.

Without your contribution, wounded warriors wouldn’t receive the benefits they deserve. Children who have lost parents would have no social safety net. Millions of elderly people would be destitute. In the same way that we take great pride in helping people who need it, you should take pride in making this country stronger.

You can see the many ways our retirement benefits help your loved ones and neighbors at www.socialsecurity.gov/retire.

Right here in Washington, Social Security is at work providing support.

In King County alone there are over 300,000 people (about 1 out of 6) collecting monthly payments totaling over $5 billion per year.

When you look at Washington state the economic impact in small and large communities is undeniable. There are close to 1.3 million people receiving monthly payments worth more than $20.4 billion per year.

The case is similar in other states. Take Idaho, where there are over 326,000 people receiving payments. That is about one out of every five people. That represents over $4.8 billion per year.