Social Security provides four main benefit types: retirement benefits, disability benefits, survivors benefits, and Supplemental Security Income (SSI). It also helps certain family members, such as spouses and children, and in some cases eligible divorced spouses and dependent parents.
Main benefit types
• Retirement benefits for workers who paid into Social Security.
• Disability Insurance (SSDI) for workers with qualifying disabilities.
• Survivors benefits for family members of a deceased worker.
• Supplemental Security Income (SSI) for people with limited income and resources who are aged, blind, or disabled.
Social Security can also pay benefits to eligible family members based on a worker’s record.
That can include a spouse, former spouse in some cases, children, widows or widowers, and dependent parents.
Social Security is an insurance program, not a retirement program. It was never intended to provide the sole or even primary source of retirement income for all but the lowest income Americans.
You need to save and invest even if only modestly is possible. Start with a couple of dollars each week.
Take advantage of the numerous tax-favored programs available even if you have to give up some non-essential spending now. You won’t regret it.
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