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Social Security: Young workers, spring into action
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[February 28, 2012]
SPRINGFIELD -- If you're a young worker, retirement probably seems
like a lifetime away. In fact, you may wonder if your contributions
to Social Security, deducted from your paycheck, actually cover you
for anything right now. The answer is yes, they do. And the time to
learn about Social Security and what it can do for you is now.
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 By working in a job covered by Social Security, you are
earning disability and survivor insurance protection. For example, a
worker under age 24 paying Social Security taxes for as little as 1
1/2 years may be insured for disability and survivor benefits.
If you're like most workers, you probably don't have private
long-term disability insurance. But you do have disability
protection through Social Security, which provides coverage to you
and your family if you become disabled. About 1 in 4 of today's
20-year-olds will become disabled before reaching age 67 -- so it
could happen to you. The average disability benefit paid in 2012 to
a worker with a spouse and two children is $1,892 a month.
Social Security also provides valuable survivor benefits. It
is a sad truth that about 1 in 8 young Americans can expect to die
before reaching age 67. Social Security's survivor insurance pays an
average monthly benefit in 2012 of $2,543 for a spouse and two
children of a young worker with average wages who dies.
Social Security provides you and your family with protection
now. But it's good to think ahead to retirement, too.
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Young workers are urged to spring into action and learn more
about their retirement. A good way to start is by checking out the
Retirement Estimator at
www.socialsecurity.gov/estimator. Using this
online tool, you can get an instant, personalized estimate of your
own future benefits. That will be a big help in deciding how much
you need to save for a comfortable retirement.
For more information on how Social Security protects younger
and older workers alike, visit
www.socialsecurity.gov.
[Text from file by Judith Bartels, Social Security district
manager in Springfield]
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