Social Security Better, Cheaper Than Insurance

The Bulldog Blog: Workers Compensation Legal News and Topics

For all its flaws, Social Security is valuable insurance for workers, as a recent study by the National Academy for Social Insurance illustrates.

This from Newsday:

According to the new report, based on last year's average monthly benefit of $1,045 (many beneficiaries get more), it would cost $140,000 if a 65- year-old worker wanted to buy a life annuity that paid as much. And if the worker wanted one that kept up with the cost of living and continued for the life of the widowed spouse, he or she would have to pay $225,000.
About 17 percent of the more than 50 million Social Security beneficiaries get disability benefits because of physical or mental illness. The value to the average beneficiary would be equivalent to buying a $414,000 disability insurance policy. And Social Security's life insurance benefits, which are paid to 14 percent of the program's beneficiaries, typically a surviving spouse and two young children, are valued at $443,000.

Those of just a few of the payoffs we get from paying into Social Security.

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