Teens Don’t Know Much About Social Security

Social Security Waiting Around

The youth of today is very naïve.  Especially when it comes to facts regarding Social Security.  Heck, grown adults don’t even know everything that Social Security entails…

A poll conducted by CNN and ORC International involving 1,010 people… teens to seniors over the age of 65 proved that folks just don’t understand the importance of Social Security.  Teenagers, in particular, think that Social Security is only a way of getting paid once you retire.  Well, it does more than just that!

Okay.  So what does Social Security also do?  Well, it provides long-term disability benefits for people less than 65 years of age.  And it also provides benefits to people married to deceased workers.  According to statistics from the SSA, one in four of today’s 20 year olds will be disabled before reaching the age of 67.  The same studies show that 96% of today’s workforce had survivors’ insurance protection.  Ah, now you see how important it is?

Did you also know that, yeah, sure, you pay your fair share of taxes that go into the Social Security trust, but so does your employer?  You each equally pay 6.2 % of your annual salary to the fund.  Just as if you are unemployed, you’re paying double.  But get this, that is only 70% of income collected for the security fund.  The rest comes from interest earned on existing income in the fund, taxes charged on the Old Age and Survivors Insurance Trust Fund, as well as reimbursements from the General Fund of the U.S. Treasury.

And, yes, Social Security is a huge source of income for the elderly.  Huge!  You have to take into consideration how the life expectancy has increased.  People are living longer, meaning that they are way past the retirement age, aren’t physically able to work anymore, and heavily rely on this source of income.  39% of the elderly income is represented by Social Security benefits.  Also consider women.  Women live longer than men.  The safety of long-term income benefits is essential for these retired/elderly women.

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Kenneth G. Marks has been practicing personal injury law since he was admitted to the California Bar in 1981. www.KmarksLaw.com