If You Think You Understand Advice, Then Read This

November 13, 2018

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Why You Need Social Security

Common knowledge of social security is in a number of people wired to be a paycheck that comes to them at the end of every month when they get to retire. This said and done, we need to think otherwise about socials security as there is much to social security over and above this common knowledge. The reality is that there is a lot more to the benefits of social security and not just the retirement benefits that they are known for.

Among some of the added benefits that social security carries include those such as the disability benefits in case of disability, medical benefits and even survivor benefits in case of death of the individual under the plan. As such we can see quite evidently that there is so much of the benefits of social security that can be enjoyed even before one gets to retire.

The one fact that we must be in concurrence is that social security quite helps with the need to cover quite a number of the risks that we happen to face in life which all happen to be so real. With a social security plan, a family can actually have the assurance that they will be able to have some sure source of income in the event of disability or death of the breadwinner as has been witnessed in a number of settings.

For anyone who is as keen on ensuring that they have laid such a solid ground for their financial future and to safeguard their loved ones against the potential risks that we face in life, then it is important for them to take some time and get to know precisely how these plans work and their significance. When you have such valid and sure information on the benefits and the ways that these plans work, you will indeed be better placed to make such a sure decision and choice on the best way that you will be able to protect your family post your death and even in those cases where you happen to have been disabled to actively provide for them. The following is a simple breakdown on how these plans actually help with the need to manage some of these pre-retirement risks.

There are two categories of protection. In this we find the categories of the benefits that apply for the individual worker under the plans and those that apply and go to the worker’s dependants or family. It is indeed a fact that looking at both of these, they will all contribute and happen to be quite vital for your strategic financial planning needs.

Over and above the retirement income needs that you need to provide for, social security has two additional benefits that it carries for the individual worker. These are the disability income in case you happen to suffer a disability and as well medical coverage.

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