Social Security and Financial Plans
Social Security provides a guaranteed income each year for more than 47 million retirees, family members of workers who died and people with disabilities. About 30 percent of Social Security beneficiaries receive survivor or disability benefits. Nearly two-thirds of retirees count on Social Security for most of their retirement incomes. Social Security is a safety net that keeps retirees out of poverty.
Between 1960 and 2004, Social Security helped cut the poverty rate among seniors by more than two-thirds, from 35 percent to 10 percent. Social Security beneficiaries earned their benefits by paying into the system throughout their time at work. Social Security in America is a system that acts as a safety net for all citizens of the United States. In addition to retirement benefits, those who are disabled, dependent for support upon someone who receives social security income, and those who are a widow, widower, or child of someone who has died are eligible for benefits - if they meet the requirements. Whether you are entitled to benefits depends on if your circumstances satisfy the system's requirements. Today, more than 44 million Americans collect some kind of social security benefit.
The basic structure is that when you work, you pay into the system. After you've paid into the system - when you retire or become disabled - you, your spouse, and your children can receive monthly benefits.