Office of Retirement Policy

Financial Literacy Initiative

 

Policymakers have long identified personal saving as the key to a financially stable retirement.

Although people are living longer, most workers continue to take their Social Security benefits at age 62 even though that may permanently reduce the monthly benefit. A 2007 survey found that only 19 percent of workers can correctly identify the age at which they will be eligible for unreduced benefits from Social Security.

Social Security touches the lives of almost every American; therefore, we have the opportunity to influence retirement savings. Realizing SSA's unique position to educate and encourage savings, Social Security Commissioner Michael Astrue included a special “encourage savings” initiative in SSA's 2008–2013 Strategic Plan.

As part of that initiative, the Office of Retirement Policy plans to develop, test, and refine effective print, Web-based, and other products to inform the public about retirement planning topics, including when to begin receiving Social Security benefits. Our products will focus on different areas of financial literacy based on the age and circumstances of the target audience. We will be working on this effort with the new Financial Literacy Research Consortium.

Financial Literacy Research Consortium

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The Financial Literacy Research Consortium (FLRC) consists of three non-partisan, multidisciplinary research centers at Boston College, the RAND Corporation, and the University of Wisconsin. The FLRC, supported through five-year cooperative agreements, will develop innovative materials and programs to help Americans plan for a secure retirement.

Newly established in September 2009, the centers will focus on developing Web and print information products to:

  • help foster retirement and other saving strategies at all stages of the life cycle,
  • help low and moderate income populations successfully plan and save for retirement and other life events, and
  • improve understanding of Social Security's programs.

See abstracts of our currently approved projects.

Financial Literacy Information for Workers