Social Security's retirement program has
been a basic part of American life for more than 65 years. In a nutshell,
a small amount is taken out of each of your paychecks. Over the years,
you save up more money and earn 'credits'. Then after you retire,
these savings are paid back to you, depending on how many credits
you earned.
Your Social Security benefits
are the foundation on which you can build a secure retirement. The
three major elements of your retirement portfolio are benefits from
pensions, savings and investments, and Social Security benefits. Most
financial advisors say you'll need about 70 percent of your pre-retirement
earnings to comfortably maintain your pre-retirement standard of living.
If you have average earnings, your Social Security retirement benefits
will replace only about 40 percent. You'll need to supplement your
benefits with a pension, savings or investments.
In addition to benefits
for retired workers, Social Security also provides financial support
to younger workers and their families who face a loss of income due
to disability or the death of a family wage earner. Contact the nearest
Social Security office if:
You have a disability/injury, preventing
you from working for at least a year or that may lead to death.
You are planning to retire and are within three months of 62.
You
are NOT planning to retire, but you are within three months of your
retirement age.
A family member who is a worker dies.
You or a
dependent require a kidney transplant or dialysis treatments.
Keep
in mind that most of the time, benefits cannot be paid retroactively.
Social Security is your money - take care of it if you want to enjoy
your retirement!
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