Howell & Associates Advanced Planning - Green Bay, Wisconsin

More Than Retirement

Social Security is more than retirement. Many people think of Social Security as just a
retirement program. Most of the people receiving Social Security do get retirement benefits, but others get Social Security because they’re:

• Disabled; or
• A spouse or child of someone getting Social Security; or
• A spouse or child of a worker who died; or
• A dependent parent of a worker who died.

Depending on your circumstances, you may be eligible for Social Security at any age. In fact, Social Security pays more benefits to children than any other government program.

A Simple Concept

Social Security reaches almost every family, and at some point, touches the lives of nearly all Americans.

Social Security helps older Americans, workers who become disabled, and families in which a spouse or parent dies. Today, about 167 million people work and pay Social Security taxes and about 59 million people receive monthly Social Security benefits.

Most of our beneficiaries are retirees and their families—about 42 million people.
But Social Security was never meant to be the only source of income for people when they retire.

Social Security replaces about 40 percent of an average wage earner’s income after retiring, and most financial advisors say retirees will need 70 percent or more of pre-retirement earnings to live
comfortably. To have a comfortable retirement, Americans need more than Social Security. They also need private pensions, savings, and investments.

The Social Security Administration wants you to understand what Social Security can mean to you
and your family’s financial future. This publication, Understanding The Benefits, explains the basics of the Social Security retirement, disability, and survivors insurance programs.

The current Social Security system works like this: when you work, you pay taxes into Social Security. We use the tax money to pay benefits to:

• People who already have retired;
• People who are disabled;
• Survivors of workers who have died; and
• Dependents of beneficiaries.

The money you pay in taxes isn’t held in a personal account for you to use when you get benefits. We use your taxes to pay people 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.