This Social Security Statement will help you understand
what Social Security means to you and your family. This Statement can
help you better plan for your financial future. It gives you estimates
of your Social Security benefits under current law. Each year,
we will send you an updated Statement including your latest
reported earnings.
Be sure to read this Statement carefully.
If you think there may be a mistake, please let us know. That’s
important because your benefits will be based on our record of
your lifetime earnings. We recommend you keep a copy of this Statement with
your financial records.
Social Security is for people
of all ages…
It can help you whether you’re young or old, male or female, single or
with a family. It’s there for you when you retire, but it’s more
than a retirement program. Social Security also can provide benefits if you
become disabled and help support your family when you die.
Work to build a secure future…
Social Security is the largest source of income for most elderly Americans
today. It is very important to remember that Social Security was never intended
to be your only source of income when you retire. Social Security can’t
do it all. You also will need other savings, investments, pensions or retirement
accounts to make sure you have enough money to live comfortably when you
retire.
About Social Security’s
future…
Social Security is a compact between generations. For more than 60 years, America
has kept the promise of security for its workers and their families. But
now, the Social Security system is facing serious future financial problems,
and action is needed soon to make sure that the system is sound when today’s
younger workers are ready for retirement. |
Today
there are almost 36 million Americans age 65 or older. Their Social
Security retirement benefits are funded by today’s
workers and their employers who jointly pay Social Security taxes—just
as the money they paid into Social Security was used to pay benefits
to those who retired before them. Unless action is taken soon to
strengthen Social Security, in just 11 years we will begin paying
more in benefits than we collect in taxes. Without changes, by
2040 the Social Security Trust Fund will be exhausted.* By then,
the number of Americans 65 or older is expected to have doubled.
There won’t be enough younger people working to pay all of
the benefits owed to those who are retiring. At that point, there
will be enough money to pay only about 74 cents for each dollar
of scheduled benefits. We will need to resolve these issues soon
to make sure Social Security continues to provide a foundation
of protection for future generations as it has done in the past.
Social Security on the Net…
Visit www.socialsecurity.gov on the Internet to learn more about Social Security.
You can read our publications, use the Social
Security Benefit Calculators to calculate future benefits, apply
for retirement, spouse’s or disability
benefits, or subscribe to eNews for up-to-date information about Social Security.
Jo Anne B. Barnhart
Commissioner
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*These estimates of the future
financial status of the Social Security program were produced by
the actuaries at the Social Security Administration based on the
intermediate assumptions from the Social Security Trustees’ Annual
Report to the Congress.
|
www.socialsecurity.gov
