How much do you actually know about Social Security?
Did you know that isn’t just for retired folks? SS has three principle programs – retirement (which we’re all aware of), Disability Insurance (for those who can’t work because of either work-related injuries or because of birth defects) and Supplemental Security Income (for low-income US citizens).
Also, taxes aren’t the only way Social Security is funded. A decent percentage of funds come from interest earned on Social Security’s trust fund’s stash of Treasury bonds.
But also, a common misconception about Social Security is that it’s some sort of catching net…that it’s there to trap you when you fall. Not the case. Last year’s average SS benefit payout was $1,262 a month (approx $15,000) a year.
Kenneth G. Marks has been practicing personal injury law since he was admitted to the California Bar in 1981. www.KmarksLaw.com