What Is Social Security?

Breaking News: You Get Money When You Get Old!

As a high school student, these are the last few years before adulthood. After we graduate, most of us are going to have to face the realities of being an adult in America. Thankfully, Social Security was created to promote the economic security of the nation’s people.

  It was designed to pay retired workers aged 65 or older a continuing income after retirement by replacing a percentage of your pre-retirement income based on your lifetime earnings. The easiest way to explain it is that when you work, you pay taxes in the social security system. Then, when you retire or become disabled, you, your spouse, and your dependent children receive monthly benefits that are based on your reported earnings.

   1 in 5 Americans receive a social security benefit and 1 in 3 are disabled, dependents, or survivors. There are over 63 million beneficiaries, and it is the most successful anti-poverty program in our country’s history. One of the most important responsibilities of Social Security is to protect personal information and financial contributions. There are high tech measures that they take in order to protect the people. 

   Social security also provides a guaranteed progressive benefit that keeps up with increases in cost of living. You would be surprised how progressive the social security benefits are. It is also surprising the amount of people that social security lifts above the poverty line. Not only is it important for adults, but it’s just as important for children and is something you should be aware of moving forward.

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