Though you may not realize it, Social Security is one of the most important safety nets that Americans have. This program has been around for over 80 years, and it has helped millions of people retire with dignity. In this article, we'll discuss why social security is so important and how it can benefit you.

Social Security is a government-sponsored program that provides benefits to retired workers and their families. The program is funded by payroll taxes from workers and employers. In 2019, about 62 million Americans received benefits from Social Security.

There are a number of reasons why social security is so important. First and foremost, it provides financial security for retirees. Without social security, many retirees would be living in poverty. In fact, social security keeps 22 million Americans out of poverty. Additionally, social security provides benefits to survivors of deceased workers.

Secondly, Social Security was designed to supplement your income in retirement. If you have worked and paid into the system, you will be eligible to receive benefits when you retire. The amount of your benefit will depend on your work history. The sooner you start collecting benefits, the lower your benefit will be. However, if you wait until after your full retirement age (which is 67 for people born after 1960), your benefit will be increased by 8% per year up until age 70.

Social Security can also be of assistance if you become disabled. If you become disabled and are unable to work, social security can provide you with income. To be eligible for disability benefits, you must have worked five out of the last ten years and paid into the system. You must also be under the age of 65 and have a severe disability that prevents you from working any job.

Social Security can also provide income for your family if you die prematurely. No one likes to think about their death, but it's important to have a plan in place in case something happens to you. If you die before retirement, social security can provide your family with much-needed income. Your dependent children may be eligible to receive benefits based on your work history.

In order to receive benefits from social security, you must first work for at least 10 years. Once you retire, you will begin receiving benefits based on your earnings history. The amount of your benefits will depend on how much you earned during your working years.

As you can see, social security is a vital program that provides financial security for millions of Americans. If you are nearing retirement age, make sure to apply for benefits so that you can enjoy a comfortable retirement.