Soc. Security Notes

Soc. Security Notes

A substantial pay raise can bring a lot of pleasant thoughts to mind . . . A family vacation at that really nice place you couldn’t afford before . . . A new car this year instead of next . . . Extra money for some new fishing gear, some newclothe^ a new rug for the livingroom. Later, other thoughts . . . setting aside more money for the children’s college, maybe even increasing the amount of a life insurance policy. What may not come to mind is the fact that the pay increase will automatically bring additional protection for the worker and his family -- social security life insurance protection, disability insurance protection, and retirement pro tection. Like most things that are automatic, we give social security very little thought until circumstances change and we need it. “Besides,” you say, ‘social security is a retirement program and I have 25 years to go before I retire. In the meantime there are two children to raise and probably put through college.”

Your social security coverage gives you a sizeable amount of life insurance protection as well as retirement insurance, and the value of that protection usually goes up when your wages go up. The exact dollar amount depends on the level of your earnings, your age, your wife’s age, and the age of your children. If something should happen to you, your wife and children would receive monthly benefits until your youngest child reached age 18. Financialhelp would be available for your children if they decided to go on to college. Benefits are pay able to children still in school until ace 22.