Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2013 for use by Evan R. Guido
It's easy to take Social Security for granted when retirement is years away, but with 94% of the U.S. workforce covered by Social Security,* it's likely that this program will play a role in your financial future, perhaps even sooner than you think. Here are some facts and statistics from the Social Security Administration that highlight why Social Security is important to so many people.
The Social Security program began in 1935 as a way to protect individuals against economic hardship. Over the years, Social Security has grown to include several other types of benefits, but Social Security is still synonymous with retirement.
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Upon your death, your surviving spouse, ex-spouse, children, or dependent parents may be eligible to receive benefits based on your earnings record. These benefits can be a valuable source of income when your family needs it the most.
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Disability benefits from Social Security can help protect you and family members that rely on you for financial support in the event that due to sickness or injury you're unable to work and earn a living.
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Here are some other facts about Social Security that you may not know:
All of the following source publications can be found on the Social Security Administration's website, www.ssa.gov.
*Annual Statistical Supplement, 2013, published February 2014
**Fast Facts & Figures About Social Security, 2013, published July 2013
***Fact Sheet: 2014 Social Security Changes, published October 2013
****Social Security Basic Facts, published July 2013
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Evan R. Guido
Vice President of Private Wealth Management
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