4 Surprising Facts To Know About Social Security In Missouri
When people who have worked for a significant part of their life become sick or otherwise unable to work, they turn to Social Security disability to provide an income until they can return to work or until they are 65 and can file for retirement benefits. This includes qualified workers in any industry in Missouri.
The Big Picture
However, Social Security is also designed to provide a retirement plan for those people working in jobs that qualify for this benefit. Having the ability to rely on these benefits after retirement is essential for people, and they pay into the system to be able to continue to fund the program.
In the United States, there are more than 63 million people receiving benefits through the program. This is mostly people on retirement benefits, with about 1 in 5 being younger adults that qualify for SSD disability benefits. There are also benefits of young survivors (child), dependents, and widows who meet specific criteria.
Cost of Living Considerations
Individuals in Missouri collecting benefits from Social Security programs automatically receive cost of living increases, if applicable. These are assessed on an annual notice and notification is provided for any changes in payments.
This is beneficial to those receiving retirement benefits, as many types of private annuities or even privately managed pension plans are not designed to adjust for cost of living.
The percentage of the population in the state receiving Social Security is consistent with the national average of about one in five. However, as a percentage of those 65 and older, the state is slightly higher at 20% than the country’s average of 18%.
The critical number to note is that these retirement benefits are 50% of more of the income of those over 65 for 65% of seniors. In addition, one in three people over the age of 65 have SS benefits as their sole income source.
For more information on both retirement and Social Security disability questions in Missouri, talk to the team at Grundy Disability Group, LLC. More details on our services can be found online at grundydisabilitygroup.com.