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| What You Can Expect From Social Security: How Big A Net? |
| You probably can rattle off your Social Security number from memory. But if you're like most folks, you're not sure what you'll receive from Social Security when you retire. |
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| Most likely, it'll be less than you'd like. Social Security will help you get by, but it won't get you far. According to the Social Security Administration (SSA), Social Security will replace about 40% of annual pre-retirement earnings for the average worker. Most experts agree that retirees will need at least 70% of their pre-retirement earnings to live comfortably in retirement. |
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| Luckily, you don't have to guess how much you'll be receiving from the Social Security Administration once you retire. If you are over the age of 25 and not yet receiving benefits, you should be receiving an annual statement from the SSA at least three months before your birthday. You can request a statement at any time by calling 800-772-1213 or going online at www.ssa.gov. |
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| If the amount seems a little skimpy, it may be. If you've used different names or incorrect Social Security numbers, some of your earnings may not be on file. So check your records. If you find a mistake, call the 800 number and ask the SSA to fix it. |
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| Finally, keep in mind that Social Security is constantly changing. As Baby Boomers retire, people live longer, and fewer workers take their place, the system will come under more strain. Many experts believe that Social Security isn't sustainable and could, without some significant changes and government intervention, run dry by 2041. As a result, benefits may go down. Your best bet is to have a retirement plan in place that can take care of you even if your Social Security income falls short of what you expect. |
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Questions & Answers | |
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| Your friend is talking about Social Security. Which statement is he wrong about? | |||
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