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Why is Social Security important?
Social Security provides most of the elderly with their major source of income. For 20%, it's their only source of income. It also supports children who have lost a parent and provides most workers with their only source of long-term disability income (more info).
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Providing for the elderly. Social Security provides most of the elderly with their major source of income, and is, for 20%, their only source of income. In 2001, Social Security income represented more than 41% of aggregate income for the elderly (see below graph). Without Social Security, more than one third of all elderly persons in the U.S. would be living below the poverty line, according to 2001 Census Bureau data (Graph ).
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Providing for children and the disabled. Social Security provides income for the disabled, and is the only source of long-term disability income for 72% of the private sector workforce. It also provides support for children who have lost a parent. And it provides all of these guaranteed benefits without any government funding and at minimal cost (about as low as the cheapest index fund - (0.6 basis points in 2003)). Here are some basic Social Security facts and beneficiary data from the Social Security Administration.
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| Click image below to enlarge. |
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| Source: AARP's Income and Poverty of Older Americans in 2001. |
http://zfacts.com/p/491.html | 01/18/12 07:17 GMT
Modified: Mon, 17 Apr 2006 18:32:57 GMT
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