Social Security Statements Help Americans Save

(February, 2009)

More than 100 national groups and hundreds of local organizations are participating in America Saves Week, which takes place from February 22 to March 1, 2009. Social Security is proud to be one of them.

For years, Social Security has been encouraging Americans to plan and save for their retirement through the Social Security Statement. Social Security began mailing Statements to people who requested them in August 1988. About ten years ago—in October 1999—Social Security began mailing annual, individualized Statements to all workers 25 and older and not receiving Social Security benefits based on their own earnings. In 2008, more than 148 million people received a Social Security Statement by mail.

You probably get one yourself, every year about two to three months before your birthday. But do you take the time to review it? You should. Here’s what it will give you:

• An estimate of the monthly retirement benefit you could receive at age 62, full retirement age and age 70;
• An estimate of the monthly benefit you could be entitled to if you become disabled;
• An estimate of the monthly benefit your family could receive if you die.

That’s valuable information when it comes to planning your financial future. The Statement also gives you the opportunity to review your earnings to make sure they’ve been reported correctly to the IRS.

But you don’t have to rely on the Statement alone to make your future retirement plans. Social Security’s Retirement Estimator is an online tool that allows you to try out different retirement scenarios. Just plug in some quick information and you’ll get estimates of your future benefits based on your personal earnings record. Try it out at www.socialsecurity.gov/estimator.

To learn more about Your Social Security Statement, go to www.socialsecurity.gov/mystatement.

To join us in celebrating America Saves Week, visit the America Saves website at www.americasaves.org.

Ginny Jordan is a Public Affairs Specialist for the Social Security Administration. Her weekly column on all things Social Security appears in the Sunday Edition of the Sun-Sentinel.

Ginny has agreed to let us reprint her articles here for your convenience.

Thank you Ginny!