Ohio Economy Driven by $32.7 Billion in Social Security Benefits
A monthly Social Security check is a lifeline for many elderly and disabled Ohioans but few people know how much the money helps drive the economy. A new report shows that 1 in 5, or 2.27 million Ohioans, receive Social Security benefits monthly, adding up to $32.7 billion annually. The economic impact reaches $55.9 billion when “rollover” is calculated as benefit dollars are spent on goods and services. All statistics are based on 2014 numbers. Nearly two-thirds of beneficiaries are retired, with 16 percent disabled; the remainder are widows, widowers, spouses and children. Nationally, the overall economic impact is $1.6 trillion annually, according to the National Committee to Preserve Social Security and Medicare Foundation, a nonprofit group established to analyze and support Social Security, the national social insurance program for individuals and families. The report says Social Security “touches the lives of virtually every American family, yet the program’s economic contributions … continue to be misunderstood and often ignored.” “This comprehensive data details what America’s retirees, people with disabilities, survivors and their families know first-hand — Social Security plays a vital economic role for families, communities and businesses throughout America.” The analysis was released last week as politicians debate the future of the program signed into law by President Franklin Roosevelt on Aug. 14, 1935.
David Wingate is an elder law attorney at the Elder Law Office of David Wingate, LLC. The elder law office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick and Montgomery Counties, Maryland.