Tuesday, December 21, 2004
This is from A True Safety Net:
Social Security is the foundation of women's economic security in retirement. The program provides 90 percent or more of the income received by more than 40 percent of unmarried women – widows, divorced and never-married women. Without Social Security, more than half of older women would be poor. But Social Security also provides less widely known protections that are critical for women and their families earlier in their lives.
Social Security offers support to Americans when the unexpected happens. It replaces lost income for workers and their spouses and children when a worker becomes disabled or dies prematurely. For a young family, Social Security provides the equivalent of a life insurance policy worth over $400,000 and a disability insurance policy worth over $350,000, according to the Social Security actuaries. Because they have higher rates of premature disability and death, these insurance benefits are especially important to African American and Latino women and their families. One in five African American and Latino beneficiaries is under age 55, compared to one in 10 white beneficiaries.