Social Security reaches virtually every family in
St. Louis, St. Charles, St. Peters, Edwardsville, Granite City and Clayton, and sooner or later, touches the lives of virtually all Americans. Social Security helps older Americans, workers who become disabled, and families in which a spouse or parent passes away. Nowadays, about 168 million people work and pay Social Security taxes and around 60 million men and women receive regular monthly Social Security benefits.
The majority of our beneficiaries are retired persons and their families — around forty two million people. But Social Security wasn't supposed to be the only income source for folks whenever they retire. Social Security takes the place of around 40 percent of the average wage earner’s income after retiring, and most financial advisors suggest retirees need seventy percent or more of pre-retirement earnings to live comfortably. To enjoy a comfortable retirement, Americans need more than Social Security. They also need private pensions, savings, and investments.
The law offices of Kassin and Carrow would like you to know what Social Security could mean to you and your family’s financial future. That’s why this blog clarifies the basics of the Social Security disability insurance program.
The current
Social Security system works like this: whenever you work, you pay taxes into Social Security. We use the tax money to cover benefits to:
- People who already have retired
- People who're disabled
- Survivors of workers who've died
- Dependents of beneficiaries.
The money you pay in taxes isn’t held in a personal account for you to utilize whenever you get benefits. We use your taxes to pay individuals who are getting benefits right now. Any unused money goes to the Social Security trust funds, not a personal account with your name on it.
Many people think of Social Security as simply a retirement program. Most of the people receiving Social Security do get retirement benefits, but others get Social Security because they’re:
- Disabled
- A spouse or child of somebody getting Social Security
- A spouse or child of a worker who died
- A dependent parent of a worker who died
Dependent on your circumstances, you may be eligible for Social Security at any age. Actually, Social Security pays more benefits to kids than any other government program.
If you reside in Edwardsville, IL, or St. Louis, MO and you believe that you or somebody you love might qualify for SSDI benefits, the law offices of Kassin and Carrow are here for you. They are
experienced disability attorneys who'll answer all of your disability law questions.
