The Herald Bulletin

Evening Update

Local Business

August 26, 2013

Charo Boyd: You're on first base with Social Security

(Continued)

An estimated 161 million workers are covered under Social Security — that’s 94 percent of the workforce. Of those, 51 percent of workers have no private pension coverage and 34 percent have no savings set aside specifically for retirement. These and other numbers make it easy to appreciate the value of Social Security.

Retirement benefits are just one of the many benefits Social Security provides. Disabled workers and their dependents account for 19 percent of the total benefits paid, while survivors benefits account for 11 percent. One in four of today’s 20-year-olds will become disabled before reaching age 67, and the majority of these workers have no long-term disability insurance besides their Social Security coverage. About one in eight of today’s 20-year-olds will die before reaching age 67. The dependent families of these deceased workers are often eligible for survivors benefits.

Learn more about Social Security by visiting www.socialsecurity.gov.

Charo Boyd is Social Security public affairs specialist for east central Indiana. Her column appears every other Monday on the Business page.

Who’s on first is you. What’s on second is our suite of useful tools and information on all of our benefits, which you can find at www.socialsecurity.gov. And third? We may not know, but in baseball and life, statistics can tell us the odds. Knowing these numbers and visiting Social Security’s website for a little retirement and financial planning can help you know when to swing away at retirement.

 

Learn more about Social Security by visiting www.socialsecurity.gov.

Charo Boyd is Social Security public affairs specialist for east central Indiana. Her column appears every other Monday on the Business page.

 

 

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