HS 354 Sources of Retirement Income Questions | 100% Correct Answers | Verified | Latest 2024 Version

Social Security as also know as? - Old Age, Survivors and Disability Insurance system (OASDI) What is Social Security combined with to provide a level of retirement security for the vast majority of Americans? - Medicare How might a planner use other forms of insurance when communicating with clients? - Most would not complain that they don't get their money's worth from a policy because it didn't burn down. They would be content with protection from catastrophic loss and happy that nothing happened. Planners need to show that lack of adequacy of retirement income is a real catastrophic concern. Explaining to the clients that losing money if they die after 62 is just one way to look at the decision. Insurance from extreme poverty in old age may be more important than extra dollars to enhance a lifestyle in the early years of retirement. How many people receive Social Security benefits? - A. One of six Americans receives benefits from the system. B. Approximately 96 percent of working-age Americans are covered by the system. C. Who receives Social Security? (1) 34.7 million retired workers (2) 8.2 million disabled workers (3) 4.4 million widows and widowers (4) 2.5 million spouses (5) 1 million adults disabled since childhood (6) 3.4 million children