NOTE: A version of this article was previously published on Suze Orman’s website on April 7, 2016. I am concerned that many of you are banking on a retirement strategy that may not work out. According to a national survey by the Employee Benefit Research Institute, more than four in 10 Americans say they plan to keep working past the age of 65.
For many of today’s workers, the motivation to delay retirement is financial. A concern they lack the savings to cover all their retirement costs, including health care expenses. Continue reading →
Building a financially secure retirement doesn’t happen by itself. You need to make a commitment to smart financial decisions long before retirement — starting in your 20s would have been ideal — and then keep carrying through on your retirement plan.
Here are some other big retirement-planning mistakes I want you to avoid: Continue reading →
Retirement planning is especially challenging for women. We tend to live longer, and it’s not uncommon to have “off-ramped” from work at some point(s) to raise kids or care for a loved one. And because this affects lifetime earnings, it may also affect your eventual Social Security benefit. Don’t get me started on the gender wage gap. Continue reading →
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 →
Social Security has been a cornerstone of financial security for over 80 years. As you might already know, a lifetime of measured discipline can ensure a comfortable retirement. Social Security can help you plan, save, and see plenty of green in your golden years. Continue reading →
One of the biggest mistakes people make is simply not taking the time or waiting too long to understand how the retirement system works. If you’re worried that you won’t have enough money to last throughout a longer lifetime, take action by doing something about it. According to a 2016 survey, only 40 percent of workers have gotten an estimate of their Social Security benefit amount and only 17 percent have a written financial plan. Continue reading →
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 →
Enjoying 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 →
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 →
In December, Social Security will launch a new service for mySocial Security account holders where the public can check on the status of an application for benefits or an appeal filed with us.
The service will provide detailed information about retirement, disability, survivors, Medicare, and Supplemental Security Income claims and appeals filed either online at socialsecurity.gov or with a Social Security employee. Continue reading →