Why do you need a social security or social insurance?

Question

Why do you need a social security or social insurance?

Answer 1

People  need  the  social security  plan  because  eventually ,

They  hit  a  time  when  they  can  no  longer  work  and  

Earn  enough  to  pay  rent ,   food  and  the  other  basic  necessities .

Social Security  saves  $$$$  for  when  people  are  old .

>

Answer 2

Social Security provides a monthly income for families in the event of death of a parent who has paid into the plan via payroll taxes, or in the case of self employment, where the S.S. taxes were paid with the federal income tax.

If a working parent dies, and the surviving spouse has to finish raising the children, the surviving parent will draw a survivor's benefit until the youngest child is age 16, or at age 60. The child will receive benefits until he or she is 18, or at age 19 if still in high school.

If a qualified worker lives to retire, he/she can begin drawing S.S. monthly income at age 66 or less, depending on their date of birth. A qualified individual can begin drawing S.S. monthly income at age 62, with reduced amount of payments.

If a qualified person is disabled, he/she can begin drawing SSDI after 5 months of approved disability. The spouse may also qualify to draw from this benefit also.

I guarantee you that you will draw out FAR more than you paid into S.S. when that time comes.

S.S. was not designed to be the primary source of retirement income. It is a supplement to your retirement income.

Each working person should make sure he/she has a qualified retirement program in addition to paying into soscial security. Believe me, you will need it when that time comes.

Since I became disabled at age 60, my wife and I have been drawing a monthly income from S.S., which began in the 6th month after appoval. My wife also draws on her S.S, since she reached age 62.

In addition to S.S. I have two retirements, and money in the bank from where I sold my independent insurance agency.

For more in depth information on Social Security, visit you local Social Security office. They have several booklets which will cover all your questions.

Remember this, when it comes to retirement, "All that will be there when you get there is what you send on ahead."