I was recently reading an article about young workers and social security. The article mentions that many young adults don’t understand social security and the impact that social security and saving can have on their future plans. Some basic facts about social security are listed below:
- An annual social security statement is mailed to you each year just before your birthday.
- The statement lists how much you’ve been paying into the social security system since you’ve started working. The report also lists what you have accumulated in benefits over the period of your employment history.
- Be sure to update your name and social security number with your employer if you have recently gotten married.
- Social security provides more benefits than just for retirement. Social security provides added protection if you become disabled or in the event of death. Page two of your yearly statement shows how much you have earned and can expect to receive in the event of disability or death.
- Social security provides an income source when you retire. The average is around 40% of earnings before retirement.
- Don’t depend solely on social security. Create an investment and retirement plan through your employer or by obtaining an IRA.
- Visit www.choosetosave.org , www.mymoney.gov , or http://investor.gov and get started today with an investment and retirement plan.
- The US Social Security Administration website is: www.ssa.gov.
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