Millions of baby boomers are set to retire in the next 20 years, and most will rely on Social Security as an important source of retirement income. As they approach retirement, Americans want to understand how Social Security works. How much will they receive from Social Security? When should they begin receiving retirement benefits? What challenges is the Social Security system facing?
These are some of the topics that our Social Security Resource Center explores.
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If you're paying attention to the news, you've probably come across story after story on the health of Social Security. And depending on the actuarial assumptions used and the political slant, Social Security has been described as everything from a program in need of some adjustments to one in crisis requiring immediate, drastic reform.
Obviously, the underlying assumptions used can affect one's perception of the solvency of Social Security, but it's clear some action needs to be taken. However, even experts disagree on the best remedy. So let's take a look at what we do know.
Four Things Women Need to Know About Social Security
Ever since a legal secretary named Ida May Fuller received the first retirement benefit check in 1940, women have been counting on Social Security to provide much-needed retirement income. Social Security provides other important benefits too, including disability and survivor benefits that can help you and your family members.
Myths and Facts about Social Security
Fact: It's likely that Social Security will provide a smaller portion of retirement income than you expect.
There's no doubt about it — Social Security is an important source of retirement income for most Americans. According to the Social Security Administration (SSA), nearly nine out of ten individuals age 65 and older receive Social Security benefits.
Social Security Retirement Income: a Primer
As you near retirement, it's likely you'll have many questions about Social Security. How much will your retirement benefit be? When should you apply?
Social Security Retirement Benefit Basics
Social Security benefits are a major source of retirement income for most people. Your Social Security retirement benefit is based on the number of years you've been working and the amount you've earned. When you begin taking Social Security benefits also greatly affects the size of your benefit.
Social Security: What Should You Do at Age 62?
Is 62 your lucky number? If you're eligible, that's the earliest age you can start receiving Social Security retirement benefits.
For more information, access www.ssa.gov.
