Social Security Comparable to a 225, 000.00 retirement plan for an average retiree

Recently, the Ford Foundation released a report that suggested that, for most Americans, Social Security benefits account for at least fifty percent of their retirement income. Historically, Social Security has been a safety net for high-risk groups, including older women.

The Ford Foundation report found that with the average monthly retirement benefits being 1045.00 for 2007, an average sixty-five-year-old would have to pay an insurance company approximately 225,000.00 to have a guaranteed benefit amount of 1045.00.

Retirees are not the only beneficiaries of Social Security, although retirees make up about sixty nine percent of all Social Security beneficiaries. Disabled workers along with their families make up 17 percent and survivors the remaining 14 percent of Social Security beneficiaries.

The Ford Foundation's report just points out the importance of Social Security benefits for disabled and retired Americans. Most Americans could not afford to invest 225,000 in insurance premiums; consequently they are and will be very dependent upon Social Security for retirement plans.

Of course, this report also shows the importance of early retirement planning and long-term disability programs, if an individual has the ability to pay the premiums.



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