Panhandle (W.Va.) Grassroots for Democracy

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Sunday, May 08, 2005

Social Security benefits outlined

From the Charleston Gazette:

No matter what side a person takes in the heated debate over Social Security, the system plays a central role in providing retirement benefits for the majority of older Americans — a group growing every day.

Speaking at a National Press Foundation conference at Marshall University last week, William J. Arnone of the accounting firm Ernst & Young outlined those benefits and who gets them.

Social Security, created in 1935 under President Franklin D. Roosevelt, has several advantages over other retirement plans, Arnone said.

Employed people keep adding Social Security benefits, no matter where they work. Those benefits are guaranteed. And they are inflation-proof, rising each year as wages increase.

Social Security also helps millions of other people. Today, nearly one of every three people collecting Social Security is not retired.

Disabled workers and their dependents get 17 percent of all benefits, while survivors of Social Security beneficiaries get 14 percent of all benefits.

In past years, women have collected more benefits as surviving widows than as workers.

Very interesting to see a financial professional describe the successes of the Social Security program. Good for him.


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