What does social security do for seniors??

Question

Is social security a supplimental income? If so, is this enough for a senior to live off of? Exm; housing, pharmacy, food, electric, gas etc.

Answer 1

Social Security is a government program designed to help senior citizens once they have reached retirement.  Throughout the years of working, Social security tax is withheld from your paycheck.  This is put into the Social Security Fund to be dispersed back to you once you retire.  Periodically, the government will send statements telling you at what age you can retire and receive full benefits.  That age seems to get older all the time.  

No, it isn't enough for most seniors to live on. It is usually a small amount of money which generally will not cover all the utilities, health insurance premiums and groceries.  That is why there are so many poor elderly people who either have to choose to eat or buy medicine.  It is a very, very sad situation.  That is why it is important while you are in the working class, to plan for your retirement by contributing to a 401K plan to have more money when the time comes.

Answer 2

There are many pamphlets and booklets that try to explain how Soc. Sec. works for working people to contribute to a Fund during their working lives to build up an annuity from which they receive monthly payments after retiring to suppliment any OTHER income they might have; such as a retirement benefit from the company that they had worked for. Social Security benefits are NOT sufficient enough, normally, to support any individual or even married couple, both of which receiving S.S. benefits, in a decent, American Standard living.