We hear from many AARP members who talk about their hopes that Social Security will be there for their grandchildren and children like it has been for them.
But here’s something that you may not be aware of. Social Security, in many cases is already helping future generations.
Social Security and Young Adults
Although most people think of Social Security as a retirement program, it provides a stable source of income for children and young adults who depend on it for their basic needs. Social Security is already there for families and young people today, in the form of life insurance worth about $476,000. In addition, with few young workers participating in a retirement plan at work – over 75% don’t contribute to a defined contribution plan – the only retirement savings most young adults are doing is through Social Security.
Social Security and Children
In December 2009, more than 4.2 million children received Social Security benefits. Children of retired or disabled workers can receive up to 50 percent of their parent’s benefit and children of deceased workers can receive up to 75 percent of their parent’s benefit. A child can continue to receive these benefits until his or her 18th birthday, unless the child is disabled or a full time elementary or secondary school student.
As of December 2009, the average monthly benefit for a child was $548. Children covered by Social Security include: 525,000 children of retired workers; 1.9 million children of deceased workers; and 1.7 million children of disabled workers.
You Can Help AARP Keep Social Security Strong
Social Security is there for these families and for millions of other Americans. Yet, some in Washington are talking about cutting Social Security benefits to reduce the deficit. Social Security didn’t contribute to the deficit and should not be used to fix it. Add your voice by signing our petition to urge Congress and President Obama to strengthen Social Security.
AARP is calling on leaders from both parties to reject any plans to cut Social Security to reduce the nation’s deficit and to instead strengthen it for future generations.