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Show I Social Security Insurance Program Reviewed In Its report on the social security se-curity amendments of 1954 the Committee on Finance of the U. S. Senate describes old-age and survivors Insurance as a program "designed to provide partial protection pro-tection against loss of earned income in-come upon the retirement or death of the worker." The word "partial" In this de-scription de-scription Is significant This earnings-related social insurance program is not intended to offset in whole the loss of wages or self-employment caused by the family breadwinner's old-age or death. It does, however, provide a continuing Income, and with this assurance. Individuals can plan to build up additional security se-curity through private arrangements arrange-ments and savings. For example, a worker, klowtng that the earnings earn-ings credited to his social security se-curity account will entitle his de-pendents de-pendents to a monthly Income in case of his death can better plan to supplement this with private life insurance protection for his wife and children. Also, a work-l er, forearmed with the knowledge I that he will get regular month-lly month-lly retirement payments In his old age, is In a better position to plan additional income In his later years through savings and Improvements during his working work-ing years. Other Income Possible While social security insurance payments are curtailed or withheld with-held entirely if a beneficiary returns re-turns to or continues In employment employ-ment or self employment payments pay-ments are not affected by income in-come derived from investments or savings or company pensions. A beneficiary moreover. Is permitted per-mitted to engage in part-time work and ' have earnings of as much as 51200 in a year without giving up any of the monthly payments to which he Is eligible under old-age and survivors Insurance. In-surance. If he works In all the months of the year and has total to-tal annual earnings In excess of that amount, he will forfeit one or more month's benefit payments. pay-ments. If he works only In certain cer-tain months of the year, . he gives up social security bene-fits bene-fits for Just those months In which he earns over $80 In wages wag-es or In which he renders sub- stantial services in a self-employ. I ment enterprise. In no case, how-ever, how-ever, will he forfeit a payment for a month in which he does not earn over $80 in wages or render substantial service in his business regardless of what he may earn In other months of the year. j Further Benefits J Benefits paid under the old-age old-age and survivors insurance program pro-gram are not only a source of support for the worker and his - family but also a stabilized influence in-fluence on the economy of the country as a whole. They affect every community In the land because be-cause the benefits paid monthly i under this system go to persons 'who cannot at the time they re-celve re-celve them earn the means to buy the goods and services they need to have and the community communi-ty needs to sell. A representative of the Social Security Administration will be at the Utah State Employment Service In Cedar City on Aug. 7 from 10 a. m until 3 p. m. |