Social Security – A Safety Net for Retired Americans, their Survivors, and the Disabled
June 5, 2013
Our council is dedicated to helping families recognize the need for long term care planning and to help implement that planning. All elderly people, regardless of current health, should plan for the myriad of financial events and challenges they might face. Social Security retirement benefits alone will not adequately help us meet these challenges; however, the program itself, how it is funded, and how the payouts work must be understood by every retiree.
Social Security can act as a financial safety net for retired Americans, their survivors, and the disabled. Social Security is a term used to describe the Old-Age, Survivors, and Disability Insurance (OASDI) federal program. In 2008, Social Security paid $615,344,000,000 to over 50 million beneficiaries and is currently estimated to keep 40% of these individuals out of poverty. As of December 2011, 19 % of all beneficiaries were disabled workers and their dependents and 11 % were survivors (such as the widowed and children). The remaining 81% are, of course, retirees.
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The articles below are provided by the National Care Planning Council. Each article is written to help families recognize the need for long term care planning and to help implement that planning. All elderly people, regardless of current health, should have a long term care plan.