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Social Security Benefits

Decent Essays

On August 14, 1935, President Franklin D. Roosevelt signed the Social Security Act into law and proclaimed that it was a cornerstone, the foundation of a structure to be maintained and built upon by and for future generations. Social Security benefits cannot protect Americans against all risk; however, as the President said, it could decrease undue hardship for old age, disabled workers and their families. Since the law was enacted, we as a nation have built the Social Security system cautiously and purposely. In 1939, we added Survivors Insurance, which extended benefits to widowers and dependent children of retired workers. Disability Insurance benefits were added in 1956 for individuals displaced due to a disability, followed by Medicare …show more content…

Social Security is not just a retirement program for older Americans, however. Over 17 million people under age 65 received Social Security benefits in 2013—about 3 in 10 (29.5 percent) beneficiaries. In fact, Social Security is the nation’s largest and most generous program for children, albeit the benefits are modest. There were nearly 9.2 million children whom received Social Security benefits in 2013. Of those, over 4.4 million received Social Security benefits directly, and 4.8 million children lived in households where all or most of the income came from Social …show more content…

On average, Social Security benefits were $14,006 per year in 2013, and $14,777 for retired individuals. Almost two-thirds (64.6 percent) of elderly couples and unmarried recipients depended on Social Security for half of their income or more in 2012. The program elevated 22 million Americans out of poverty in 2012, including 1 million children. Social Security benefits are particularly important for disabled workers. Social Security Disability Insurance (DI) benefits provide 75 percent of the income or more for nearly 6 in 10 non-institutionalized beneficiaries. Nonetheless, 1 in 5 DI beneficiaries remains in poverty. Through payroll tax contributions, nearly all American workers earn Social Security’s retirement, disability and survivorship protections for themselves and their families. Social Security is the primary disability and life insurance protection for most Indiana workers. Social Security provides a middle-aged worker with a spouse and two young children, earning $30,000–$35,000, disability and life insurance protections worth about $583,000 and $550,000,

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