Knowing where you stand now with Social Security will pay off

beth kobliner For most people, Social Security is a mystery. We see that 6.2 percent deduction on our pay stubs and wonder: What does it mean for my financial future? The answers: A lot. And not enough.

After tax season, take a few minutes to go online and read your Social Security statement. Even if your retirement is 30 or 40 years away, you need to know where you stand now. The Government Accountability Office tells us that nearly a third of households with members ages 55 and up have no retirement savings plan or pension in place—zip. That means Social Security is the only post-retirement pay they’ll get – and the estimated average monthly benefit for retirees (as of 2017) is just $1,360. (See what I mean by “not enough”?) Continue reading

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Set a Goal, Make a Plan, and Save Automatically: America Saves Week

Saving for the future is a vital part of ensuring a secure retirement. American Savings Education Council and America Saves coordinate the annual America Saves Week. Started in 2007, the week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. Continue reading

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When Is a Good Time to Start Receiving Social Security Benefits?

a woman gardeningEnjoying a comfortable retirement is everyone’s dream. For over 80 years, Social Security has been helping people realize those dreams, assisting people through life’s journey with a variety of benefits. It’s up to you as to when you can start retirement benefits. You could start them a little earlier or wait until your “full retirement age.” There are benefits to either decision, pun intended. Continue reading

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Meet Our New Acting Commissioner

Acting Associate Commissioner of Social Security On January 23, I became the acting commissioner of Social Security. That makes me responsible for overseeing one of the nation’s largest and most important social insurance programs, providing retirement, survivors, and disability protection to almost all Americans. With a $12 billion budget and almost 64,000 employees serving in more than 1,500 offices across the country and around the world, plus 16,000 state employees making disability determinations, we issue more than $960 billion in payments to nearly 66 million people each year. I am humbled to lead an agency with a legacy and continuing mission that helps so many people. Continue reading

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With the New Year Comes New Changes

3 elderly menMonthly Social Security and Supplemental Security Income (SSI) benefits will see a slight increase in 2017.

Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $127,200 from $118,500. Of the estimated 173 million workers who will pay Social Security taxes in 2017, about 12 million will pay more because of the increase in the taxable maximum. Continue reading

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Our Top Ten Blogs

top-ten-blogsSocial Security is always looking for ways to improve how we communicate with you. It’s been a year-and-a-half since we joined the blogosphere, and we couldn’t be happier! This blog is exactly what we envisioned, an honest conversation with you about our programs, the topics that matter to you, and how our agency can better serve you.   Continue reading

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