Social Security – Securing Your Today and Tomorrow
Hello, I’m Irene Saccoccio, National Public Affairs Specialist, from the U.S. Social Security Administration. April is National Financial Literacy Month and our Third National my Social Security Week, April 4-13, 2016.
The goal of Financial Literacy Month is to raise awareness of the various tools and resources available to help you be a better money manager of your finances. I am here today to talk to you about one component of your finances: planning for a secure financial future.
Social Security provides a foundation of income to build a secure retirement; but, it was never intended to be your only source of income when you retire. Social Security replaces about 40 percent of an average wage earner’s income after retiring, and most financial advisors say retirees will need 70-80 percent of preretirement income to live comfortably.
To have a comfortable retirement, Americans need more than Social Security. They also need private pensions, savings, investments and/or a retirement account such as myRA, a retirement account developed by the U.S. Treasury Department for those who don’t have access to a workplace savings plan.
Planning your financial future is important. Social Security has information and tools you can use on our website, at www dot Social Security dot gov www.socialsecurity.gov
Start your planning by opening a my Social Security account today and rest easy knowing that you’re in control of your future.
my Social Security is a free online account that allows people quick, secure access to their personal Social Security information. With a my Social Security account, you can get your Social Security Statement to get estimates of future benefits to plan for your financial future and check your earnings to verify they are posted correctly which is important since Social Security benefits are based on lifetime earnings.
Deciding when to retire is one of the most important and difficult decisions many people face. The Retirement Estimator at www dot Social Security dot gov slash estimator (www.socialsecurity.gov/estimator) provides immediate and personalized benefit estimates based on your earnings record. And, best of all, the Retirement Estimator is an interactive tool that allows you to compare different retirement options. Social Security also has a Spanish version of the Retirement Estimator available at www dot Seguro Social dot gov.
When you are considering when to collect retirement benefits, one important factor to take into account is how long you might live. Social Security offers a Life Expectancy Calculator on our website at www dot Social Security dot gov slash planners, slash life expectancy dot htm (www.socialsecurity.gov/planners/lifeexpectancy.htm)
We also offer a special webpage for Human Resource Professionals at www.ssa.gov/thirdparty/hrm.html to help them help their employees plan for retirement or other life events.
And, when you are ready to apply for retirement benefits, Social Security offers an online application at Social Security dot gov slash apply online
Retire Online. It’s So Easy!
I encourage you to assess whether you are on track with your financial future. For example, do you know how much money you need in retirement to maintain your current lifestyle?—and, if you do, do you know where it will come from? It’s never too early to start retirement planning, but it can be too late!