8 Role of Social Security in poverty alleviation
Income Support for Retirees
– Provides a reliable income source for retired individuals, reducing elderly poverty rates significantly.
Disability Benefits
– Offers income support to individuals unable to work due to disability, preventing financial hardship.
Survivor Benefits
– Supports families of deceased workers, ensuring financial stability after the loss of a breadwinner.
Unemployment Benefits
– Provides temporary income support during job loss, helping individuals avoid poverty during transitions.
Reduction of Income Inequality
– Through progressive taxation and benefits, redistributes income to reduce societal income disparities.
Long-term Financial Security
– Ensures a steady income throughout retirement, reducing the risk of poverty for older adults.
Healthcare Access
– Medicare coverage for seniors ensures access to essential healthcare, reducing medical expenses.
Stabilizing Communities
– Contributes to economic stability by providing a basic income safety net, supporting community resilience.