Social Security: An Essential Asset and Insurance Protection for All (PDF; 961 KB)
Source: National Academy of Social Insurance
From press release:

For most Americans, the value of their Social Security is the biggest accumulation of dollars they will take into retirement. In fact, for two-thirds of recipients over the age of 65, Social Security is more than half of their income during retirement, according to a new report released today by the non-partisan National Academy of Social Insurance (NASI).

The report, Social Security: An Essential Asset and Insurance Protection for All, details Social Security’s vital role in safeguarding Americans families and retirees, with a particular focus on groups at high risk of having inadequate incomes – older women, African American families, and the Latino community. The report synthesizes findings from research and outreach activities by twelve organizations funded by the Ford Foundation.

The average monthly benefit for retirees is $1,045 in 2007. A 65-year old who wanted to buy a guaranteed income of that size – with payments that go up with the cost of living and continue for a widowed spouse — would need to pay an insurance company about $225,000.

And it’s not just retirees who benefit from Social Security’s protection. Although 69% of Social Security benefits go to retired persons, 17% go to disabled workers and their families, and another 14% to goes survivors.

This entry was posted on Sunday, February 3rd, 2008 at 12:27 pm and is filed under Age and Aging, Government and politics, Social and cultural issues. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.