Social Security’s Acting Commissioner, Carolyn W. Colvin, likes to tell this amusing story. A colleague’s teenage daughter came home bursting with excitement after receiving her first paycheck. But she had one question about her earnings statement.
Tragedy strikes without warning. For families who lose a wage earner, it can have a devastating financial impact in addition to the emotional one.
Acting Commissioner Carolyn Colvin says that Social Security touches the lives of every American, often in times of tragedy and uncertainty. It’s true. Our programs go beyond retirement and disability benefits. Social Security helps care for the surviving families of deceased entitled workers.
If you work, some of the Social Security taxes you pay now go toward survivors benefits for workers and their families. In the event of your death, certain family members — widows, widowers (including your divorced spouse), children and dependent parents — may be eligible for survivors benefits. Social Security’s survivors benefits may be more valuable than your individual life insurance.