Economic Impact of Social Security on West Virginia
Old-Age (retirement), Survivors, and Disability Insurance (OASDI) – popularly referred to as Social Security – provides monthly benefits to workers and their families when earnings stop or are reduced because the worker retires, dies, or becomes disabled. The amount of benefits received is based on the worker's level of earnings in employment or self-employment covered by the Social Security program.
Supplemental Security Income (SSI) is a federal cash assistance program that provides monthly payments to low-income aged, blind, or disabled persons in the 50 states, the District of Columbia and the Northern Mariana Islands.
With this in mind, the positive impact of Social Security and SSI on the State of West Virginia’s economy is hard to ignore. At present, more than 500,000 West Virginians receive a Social Security benefit, a federally administered SSI payment, or both — resulting in more than $500 million in payments to West Virginians each month.
To learn more about the economic impact of the Social Security Administration and its programs, please visit SSA’s Research, Statistics, & Policy Analysis webpage.