Social Security surplus in America is getting over, quickly. As per the latest figures released by the government, more than 2.7 million beneficiaries were added to the list of the eligible Americans for their pensions. These retirement benefits are provided through the Social Security Trust Fund, which takes care of all the financial requirements of social security benefits.
The new additions on the rolls were 20 pre cent more than 2008. This was the biggest year on year increase since 1975.
However, the funding which is done by the citizens has fallen down considerably. With the recession coming and the payroll tax revenue streams drying up, the main source of income for the fund has gone down. Besides, the number of aging people has increased and the baby boomers have now become a receiver of the benefits rather than the contributors.
Experts also believe that since the people are not able to earn, they are going for retirements and thus increasing the numbers. The impact of the weak economy on the others, they believe, is obviously there.