Social Security and You

Social Security will always have a role in retirement and benefits planning.

Social Security and some things you need to know. Social Security will always have a role in retirement and benefits planning. For some it may be a major source of retirement income, and for others it will supplement your own retirement savings.

Why Social Security? Because, for many of you, it will be a significant portion of your retirement income. According to the Older Women's League (no, they're not retired women baseball players, but a nonprofit group dedicated to making older women's lives better), women represent 60 percent of all Social Security beneficiaries at age 65, and that number rises to 72 at age 85. Social Security represents 90 percent of the income of 41 percent of older women, with 25 percent of older women having no other source of income in retirement. Social Security will be part of your overall financial planning. In 1999, the SSA began mailing to all workers age 25 and older an individualized Social Security statement that shows their earning history and gives estimates of retirement, survivors, and disability benefits. This statement should help you with your planning.

If you did not receive one or inadvertently tossed it out without looking at it, you can request another. The SSA has begun mailing these statement out on an annual basis, and you can expect yours a couple of months before your birthday.