Most people think that Social Security is a government-funded source of retirement income for older Americans, but it’s really much more. Social Security also provides important life insurance and disability protection to people of all ages.
According to the Center on Budget and Policy Priorities, workers’ Social Security payroll tax contributions also fund life insurance and Social Security Disability Insurance (SSDI) protection. It’s estimated that about one-fifth of all Social Security recipients receive disability or young survivors benefits.
Currently, about 65 million people — that’s more than one out of every six U.S. residents — collects some form of Social Security benefits.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $65 a month, a fair annual cost-of-living adjustment (COLA), and increased minimum benefits. This bill will also ensure the long-term solvency of the Social Security program — making sure it is available to all who need it.