fast facts

Reality Check on
Social Security

If retirement is more than 20 years away for
you, it may be funded more by personal savings
than Social Security.

The latest census data indicate that Americans age 65 and older rely on Social Security for an average of 39.5% of their income.* But for future generations of retirees, that number may be lower; the Social Security system is currently underfunded, and will only be able to pay retiree benefits in full until 2035.** Fortunately, you can take action while you’re still working to help ensure your financial security in retirement.

Save Aggressively
While there’s no indication that Social Security will disappear entirely, it’s still in your best interests to take ownership of your financial future. The sooner you start saving for retirement, and the more you contribute to your employer-sponsored retirement plan, the greater your chances of meeting your retirement income needs.

Delay Your Benefits
You can apply for retirement benefits as early as age 62 or delay benefits as late as age 70. The longer you wait to start receiving benefits, the higher the amount.

Plan Ahead
Visit the Social Security Administration’s website to learn more about the future of the Social Security system and use the Retirement Estimator to find out the approximate amount of your benefits at different retirement dates.

*Source: http:/www.ebri.org
**Source: http://www.ssa.gov