One feature of Social Security benefits is that it is not means-tested. Every American who has contributed enough to qualify for benefits can get financial assistance and support from the system.
Social Security isn’t only about retirement benefits and programs for the elderly and retirees. Even the young working generation receives benefits such as SSDI protection and life insurance.
Social Security benefits increase with a person’s income. That means those making Social Security payroll tax contributions can still keep up with the increasing cost of living in America today through progressive benefits from Social Security.
Lifetime income sets Social Security benefits apart from other programs. This income is progressive, so it keeps up with the rise in the cost of living, and it is also fully portable between jobs.
Social Security guarantees the protection of a person’s life. According to the Center on Budget and Policy Priorities, up to 95 percent of citizens aged 20-49 whose jobs were covered by Social Security have earned life insurance protection in 2017.
The working population isn’t fully aware of the huge risk of disability and early death among new entrants to the labor force. Death or disability before reaching retirement age isn’t rare, but it can be handled with Social Security coverage.