Your Retirement Planning Starts with Social Security
By Erin Thompson
Social Security Public Affairs Specialist, Toledo, OH
Right now is the perfect time to start planning for a
secure, comfortable retirement. And you can count on Social
Security to help you begin the process. First, we encourage
you to set up an online my Social Security account so
you can verify your lifetime earnings record and make sure
you get credit for all of your contributions to the Social
Security system through the Federal Insurance Contributions
Act (FICA) payroll taxes. If you haven’t set up your
personal my Social Security account yet, you can do
so at
www.socialsecurity.gov/myaccount.
Then, you can use your earnings history and our online
retirement estimators and calculators to get a glimpse of
what your Social Security retirement future looks like.
You’ll find important details such as your retirement age,
life expectancy, and estimates of how much you may receive
in future retirement benefits from Social Security.
As you look ahead to ensuring a secure, comfortable future
for you and your family, it’s important to keep in mind that
Social Security replaces about 40 percent of your
pre-retirement income, on average. So, a responsible
retirement plan includes planning for more than Social
Security.
Here are some more things
you can do now to build your financial security:
o
Contribute to pension
plans offered by your employers;
o
Maintain and grow savings
accounts; and
o
Open and regularly
contribute to an individual retirement fund.
These steps — combined with your Social Security benefits —
will go a long way toward ensuring a comfortable quality of
life for you and your loved ones in the future. If you don’t
already have a retirement account, you can start one today
by visiting
www.myra.gov. Developed by the U.S. Department of the
Treasury, myRA offers those without an
employer-sponsored retirement plan an affordable and secure
way to save for later in life.
As you plan for a financially secure future, please keep in
mind that our Retirement Estimator and benefit calculators
provide you with estimates — not guarantees. We can’t
provide your actual benefit amount until you apply for
benefits. Our estimates may differ from your actual benefit
amount if your future earnings increase or decrease, if laws
governing benefit amounts change, if you’ve served in the
military, or if you’ve had jobs in which you did not pay
Social Security taxes.
Social Security is with you throughout life’s journey, from
your first paycheck to receiving your first retirement
deposit in your bank account. And, as our nation’s most
successful anti-poverty program, we’ll continue to provide
you and millions of other Americans with financial
protections to ensure a secure tomorrow. To learn more about
our programs, please visit
www.socialsecurity.gov. |