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SOCIAL SECURITY

Fact Sheet

"NATIONAL SAVE FOR YOUR FUTURE" CAMPAIGN
OCTOBER 2001

What is the "National Save for Your Future" Campaign?
The "National Save for Your Future" Campaign is a partnership between the Social Security Administration (SSA) and the American Savings Education Council (ASEC) committed to informing Americans about the need to save and plan for retirement and other life stages. The campaign, launching in September 2001, will be a schedule of events and activities throughout the country devoted to educating and motivating Americans to take charge of their financial future.

Why are SSA and ASEC partnering?
In the past year, SSA and ASEC have unveiled a number of initiatives aimed at educating Americans about retirement planning. ASEC, a coalition of public- and private-sector organizations, works through its partners to educate Americans on all aspects of personal finance and wealth development, including credit management, college savings, home purchase, and retirement planning. Together, these organizations and their partners can help Americans of all ages make informed financial decisions.

Campaign goals:
The campaign's goal is to raise public awareness and create individual behavior changes that will ensure long-term personal financial independence for all Americans. The campaign will reach out to the broadest segment of the population (e.g., women, low-income, youths, small businesses, Baby Boomers, etc.) through a strong network of highly-involved and enthusiastic campaign partners and supporters from the private- and public-sector institutions. In addition, the "National Save for Your Future" Campaign will focus on promoting local, state, and national-level events that will bring together the community and personalize the savings issue for everyone involved.

Initial strategy:
For the months leading up to the September 2001 launch, SSA and ASEC will leverage their resources to: 1) generate ownership and commitments from potential campaign partners; 2) develop a comprehensive campaign mission and media outreach plan; and 3) build momentum for The White House/Congressional National Summit on Retirement Savings scheduled for Fall 2001.

Highlights from the 2000 Retirement Confidence Survey:

  • Forty-five percent of American workers have not tried to calculate how much money they need to save for a comfortable retirement. This is a problem as many are saving blindly ¾ without a specific dollar amount in mind, often underestimating how much money they will need and for how long.
  • Half of men reaching age 65 can expect to be alive at 82 and half of women reaching age 65 can expect to be alive at age 86. Some will make it to 100 and older. Yet, almost 2 in 10 workers (18 percent) expect that their retirement will last for 10 years or less, and an additional 15 percent believe their retirement will last 11 to 19 years.
  • In addition, most workers do not know that the retirement age for full Social Security benefits is gradually rising from 65 to 67. Many believe they will start collecting benefits before they are actually eligible.
  • Though most workers know they can't rely strictly on Social Security for their retirement, many also show a surprising and potentially disastrous lack of knowledge about the basics of 401(k)s and similar retirement savings plans.

 

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