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Is Social Security Secure?

Nearly 50 million Americans collect some sort of Social Security retirement, disability or death benefit. For Americans nearing retirement, there's not much to worry about. The picture isn't as clear for the rest of the country. As the population continues to live longer while the birth rate decreases, that means fewer workers are paying for more retirees. Official estimates vary between 2041 and 2052 as to when Social Security will be unable to pay its benefits if no changes are made to the current system. While the government seeks a solution, here's what we do know about Social Security:

- The amount of your retirement benefit is based on
your average income over your working career. The
higher your average salary, the more benefit will
receive.

- Currently full retirement age is between 65 and 67.
You can begin receiving benefits at age 62, but this
will decrease your overall benefit.

- Your full retirement age depends on your birthday:
Year Retirement age
1943-5466 years
1955 66 years, 2 months
1956 66 years, 4 months
1957 66 years, 6 months
1958 66 years, 8 months
1959 66 years, 10 months
1960 and after 67 years

What to do?
There's not much you can do as the country works on a
solution. Make sure to check the Social Security
statement sent to you on a yearly basis to make sure
your earnings have been properly reported. For more
information, call the Social Security Administration
at (800) 772-1213 or visit www.ssa.gov.


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