Milford chronicle., 1956-09-07
Social Security News

What does Old-Age and Surviv-
ors Insurance, better known simp-
ly as social security, mean for
young parents? 1t means protec-
tion-fnancial protection for the
family which, in. the event of the
young fathers untimely death, be-
comes available to the mother and
children in the form of monthly
benefits. These monthly payments
may continue until the youngest
child becomes eighteen years of
age.
Basically, insurance is buying
financial protection, by many peo-
pie contributing or paying premi-
ums into a common fund. From
this fund those, who suffer in the
event against which they are all
insured, are reimbursed in whole
or in part for the amount of their
losses. Thus, by sharing the risk
of the occurrence of the event
against which they are insured,
small contributions by each MEM
ber of the group serve to provide
this protection for all of them. The
protection may be against the risk
Of fire; the risk of automobile ac-
cident; the risk of loss of income
due to retirement or death; or pro-
lection against the risk of any
number of other contingencies.
During the period when fam
lily Is being raised, social security
has an interesting similarity to
certain other forms of insurance,
for instance fire insurance. With
fire insurance you gladly pay your
premiums year after year for pro-
lection, with the hope that you
will never have occasion to collect
on IL. SO under social security, the
young father maintains protection
for his family in the event of his
death, but quite surely with his
and his family's hopes that he will
live to a ripe old age. Moreover, at
the same time that his family is
being afforded this protection he is
also acquiring protection for his
own retirement.
Before the age of retirement,
which is the greater part of ones
lifetime under social security, the
thing about social security that is
of constant value to the family is
the very existence Of this financial
protection which it provides for the
widow and children in the event
of the fathers death.
1t may be rather startling to
some people to learn that If a
young father, whose wages have
averaged 5000 a month, dies and
leaves a widow and two young
children cages / and 81, the sur
viving family may draw in. month
ly payments a total of $4,000 over
the years until the youngest child
becomes eighteen. But such is the
fact. 1t should be noted, however,
that the total which can be paid
to the survivors is related directly
to the children's ages at the time
of the fathers death. Each child's
benefit stops upon reaching age
eighteen. Had the children in the
example just given been IL and 10
years of age when the father died
the total amount payable would
not have been as much. Neverthe-
less, it is significant to note that
this family would be drawing bene-
fits at a time when the money
might be sorely needed to enable
the children to finish high school.
In addition to the monthly bene-
fits to which the widow and chill
dren can become entitled, there is
a lump sum payable to help with
funeral expenses. 1t is also per-
tinent to be aware that, under GER
tain conditions, children can be-
come entitled to monthly benefits
on the basis of their deceased mo-
Tiers employment under social
security, even though they were
being supported in part or in
whole by their father at the time
Of bar dOath