Plan and Save with Confidence with a my Social Security Retirement Account
LaVenia LaVelle, Press Officer with the Social Security Administration
(Washington, DC, Thursday, July 23, 2015) – Recent research shows that most African Americans age 50-plus use financial products, such as checking accounts and savings accounts. However, only 1 in 10 African Americans use retirement planning products, such as a 401(k) plan, or individual retirement account (IRA). According to the Federal Reserve, the median balance of retirement accounts totals less than $60,000, and many African Americans have saved even less. The Social Security Administration (SSA) is reaching out to African Americans to promote its resources for retirement planning. SSA offers one of the best tools for planning a secure retirement, a my Social Security account, where workers can see estimates of their future retirement benefits, review and verify their lifetime earnings history for accuracy, and more.
What’s your “Someday”? Perhaps Someday you want to go skydiving, enter a hot dog eating contest, or ride a mechanical bull. You also may want to retire Someday. Will you be prepared for that day?
People with a my Social Security account can better plan and save with confidence. And people who receive benefits can manage their benefits online using their account. The benefits of setting up your own my Social Security account, and planning for Someday at any age, are:
- It takes just minutes to create an account.
- See your earnings history, benefit estimates, and more.
- It’s free, quick, and easy.
- Advanced security features protect your privacy.
If you are receiving Social Security retirement, disability, survivors, or other Social Security benefits, your personal, online account allows you to conveniently and instantly get your benefit verification letter, check your payment information, change your direct deposit and phone number, and more.
Even if you’re not yet receiving benefits, and no matter how far off your retirement may be, you can access your personal information online and view your Social Security Statement, which provides estimates of your future retirement, disability, and survivors benefits. You’ll see how different benefit amounts at different retirement ages can help you decide when to stop working. Social Security benefits are not intended to be your only source of income you retire. On average, Social Security will replace about 40 percent of your annual pre-retirement earnings. You will need other savings, investments, pensions, or retirement accounts to help you reach your Someday.