Social Security is way more than a regular retirement program. It provides valuable life insurance and disability insurance protection

No less than 66 million people have collected Social Security benefits since February 2023. As older adults make up 4 in 5 beneficiaries, the other one-fifth of beneficiaries get Social Security Disability Insurance (SSDI) or are on the record as young survivors of deceased workers.

Besides the well-known Social Security retirement benefits, workers might receive life insurance and SSDI protection by making Social Security payroll tax contributions.

Around 97% of people who are between 20 and 49 years old worked in jobs that were covered by Social Security last year and earned life insurance protection through Social  Security.