To many, when we hear of social security, what comes to mind is a paycheck to receive at the end of the month when we retire. Nevertheless, the truth is that there is actually more to social security over and above this common notion and knowledge of the need for social security. Social security has a number of benefits to offer more than just the retirement benefits.
Social security carries with it benefits such as disability benefits, survivor benefits in case of death and as well medical care benefits. These as such tell of the fact that there is just so much of the benefits to socials security that one can enjoy way in time even before their retirement years.
The facts are that social security help with the need to cover a number of risks that all happen to be so real. With a social security plan, a family can actually have the assurance that they will be able to have some sure source of income in the event of disability or death of the breadwinner as has been witnessed in a number of settings.
For anyone who is as keen on ensuring that they have laid such a solid ground for their financial future and to safeguard their loved ones against the potential risks that we face in life, then it is important for them to take some time and get to know precisely how these plans work and their significance. When you have such valid and sure information on the benefits and the ways that these plans work, you will indeed be better placed to make such a sure decision and choice on the best way that you will be able to protect your family post your death and even in those cases where you happen to have been disabled to actively provide for them. The following is a simple breakdown on how these plans actually help with the need to manage some of these pre-retirement risks.
Talking of the social security plans and their categories, there are essentially two basic categories that they happen to fall into. These are the benefits to the worker and those benefits that are for the worker’s family or dependants. Looking at either group, you will appreciate the fact that they both happen to be quite important for your overall financial plan.
On top of the retirement income that you need to provide for as an individual, you have two added benefits that the social security plans have to offer you as an individual worker. They are particularly disability income which protect you in case you happen to suffer a disability and medical coverage as well.