At Silver & Silver, we take pride in serving as Social Security Disability attorneys for clients in Montgomery County and other nearby areas, to help those in need to pay their bills and support their families.
While the average American probably thinks of Social Security as “money for the elderly,” there’s quite a bit more to the program than its function as a retirement fund. Here are four interesting facts about Social Security benefits that you might not be aware of — but should be!
1. They’re Not Just for Seniors
Millions of workers across the country contribute to Social Security through payroll taxes that are regularly deducted from their paychecks. While most of that money goes to providing financial support for senior citizens in retirement, it also serves as disability insurance for people who can’t work due to illness or injury. Yes, Social Security is an important resource for younger people, too! We see this all the time in our practice: Workers suffer an accident or experience a health crisis that puts their ability to support their family in jeopardy, and Social Security Disability benefits are a vital lifeline.
2. They’re Progressive
As you might expect, Social Security benefits vary based on how much you made while you were still working and contributing to the program, giving higher earners a larger payout in retirement. However, benefits are adjusted to help lower earners recover a greater percentage of their previous salary. As time goes by, Social Security benefits are also adjusted to account for inflation.
3. They’re Unbiased
Social Security benefits are available to almost every worker in the U.S., providing some retirement insurance for people of all income levels who contribute to the program via payroll taxes. In fact, the Social Security Administration estimates that 97 percent of Americans over the age of 60 currently receive Social Security benefits or will receive benefits in the future. Because the program is so inclusive, the government can operate it rather efficiently without spending a lot of money on administrative costs.
4. They’re Less Than You Think
Many people have an exaggerated idea of how much money Social Security recipients actually receive. In 2019, on average, retirees collecting Social Security receive less than $1,500 a month — or less than $18,000 a year — with Social Security benefits accounting for less than 40 percent of their salary while they were working.
However modest, Social Security benefits are a crucial asset for many workers and their families who depend on them to stay out of poverty.
Social Security is a multifaceted program, but reaping the benefits doesn’t have to be a complicated process. You just need the right guidance. If you’ve been turned down for Social Security Disability benefits, you need an experienced law firm to help fight for your rights. Contact our Camden, NJ Social Security Disability attorneys today to schedule a consultation.