It’s easy to take Social Security for granted when retirement is years away, but with 94% of the U.S. workforce covered by Social Security, it’s likely that this program will play a role in your financial future, perhaps even sooner than you think. Here are some facts and statistics from the Social Security Administration that highlight why Social Security is important to so many people.
The Social Security program began in 1935 as a way to protect individuals against economic hardship. Over the years, Social Security has grown to include several other types of benefits, but Social Security is still synonymous with retirement.
Upon your death, your surviving spouse, ex-spouse, children or dependent parents may be eligible to receive benefits based on your earnings record. These benefits can be a valuable source of income when your family needs it the most.
Disability benefits from Social Security can help protect you and family members that rely on you for financial support in the event that, due to sickness or injury, you’re unable to work and earn a living.
Here are some other facts about social Security that you may not know:
- 55% of adult Social Security beneficiaries are women.
- More than 3.4 million children under age 18 and students age 18 to 19 receive Social Security benefits
- Social Security provides at least half of total retirement income for 74% of nonmarried beneficiaries age 65 or older.
More Social Security information can be found on the Administration’s website, www.ssa.gov.