All tagged Social Security
With the news full of reports about Social Security's uncertain future, you might wonder whether you will ever benefit from the Social Security taxes you pay. Although this popular social insurance program faces financial challenges, and some reform is certainly likely, Social Security is not only likely to be there for you in the future, it's there for you right now.
When you think of Social Security, you probably think of retirement. However, Social Security can also provide much-needed income to your family members when you die, making their financial lives easier.
Like most people, you probably don't expect to become disabled. However, according to the Social Security Administration (SSA), studies show that 1 in 4 of today's 20 year-olds will become disabled before reaching full retirement age. That's why it's important to understand what disability benefits you may be entitled to under Social Security.
Social Security was originally intended to provide older Americans with continuing income after retirement. Today, though the scope of Social Security has been widened to include survivor, disability, and other benefits, retirement benefits are still the cornerstone of the program.
Approximately 67 million people today receive some form of Social Security benefits, including retirement, disability, survivor, and family benefits. Although most people receiving Social Security are retired, you and your family members may be eligible for benefits at any age, depending on your circumstances.