Social Security helps in so many ways
Most young people don’t think a lot about Social Security, and those who do perhaps think of it as retirement for their grandparents’ generation. They should know Social Security provides much more than just retirement benefits.
Social Security provides benefits to young workers and their families if they become disabled. Social Security’s disability coverage is equivalent to a $208,000 insurance policy for a young worker with average wages and a spouse and two children. The average monthly disability benefit paid to a family of this size is $1,360.
In addition, Social Security provides benefits to survivors of deceased workers, including their children. About one out of seven Americans can expect to die before reaching age 67. Social Security’s survivors insurance is equivalent to a $403,000 insurance policy for a young worker with average wages and a spouse and two children. The average monthly survivors benefit paid to a family of this size is $1,764.
A young worker can obtain both disability and survivor insurance protection very easily. A worker under age 24 who pays Social Security taxes for just one and a half years is covered. A worker under age 31 who pays Social Security taxes for half the time elapsed since age 21 is also covered.
For more information on how Social Security protects younger and older Americans alike, log onto our website, www.ssa.gov, call our toll-free number at 1-800-772-1213 or stop by our office at 931 Old Smithville Highway, across the 70S bypass from Wal-Mart.