Social Security: Planning for retirement is crucial
Five years ago this month, Social Security launched our online Retirement Planner. Since then, more than 7 million people have visited this practical, user-friendly financial planning site. And, according to a recent American Customer Satisfaction Index survey, our Retirement Planner ranks among the best all federal government transaction Web sites.
That’s high praise but not surprising. There are 79 million members of the baby boom generation who are edging ever closer to retirement. The first boomers will be 62 and eligible for early retirement under Social Security in just three years, in 2008.
Are they ready?
Last year’s Retirement Confidence Survey, conducted by the Employee Benefit Research Institute, showed about two of every three workers think they will be at least as financially comfortable after they retire as they were before retirement. Unfortunately, less than half of workers say they or their spouse have ever tried to figure out how much money they will actually need to live comfortably — or where it might come from.
That’s where retirement planning comes in, and the best place to begin is with the Social Security Retirement Planner. Here is what you can do there:
Social Security is the foundation for a secure retirement that also includes pensions, savings and other income.
So, if you haven’t already visited the Social Security Retirement Planner, let me recommend it to you and give you the address: www.socialsecurity.gov/r&m.