In recent years, there has been a lot of noise around Social Security in the media. Often these headlines can cause confusion and doubt — especially if you are personally approaching retirement. Many people count on Social Security benefits as a key part of their retirement planning. When those benefits are called into question, you may wonder about your financial security in retirement. How can you separate facts from fiction to make the important decisions that lie ahead? That’s where Simply Speaking: Social Security can help.Read More
With Simply Speaking, you get clear answers to complex questions, including:
- Will Social Security be there when I need it?
- How are benefits determined?
- How can I make the most of the benefits available?
You may be wondering...
The history of
The Social Security Act began in 1935 as a retirement program. Benefits were paid to a primary worker to supplement their retirement income and help cover living expenses such as healthcare, food and other basic expenses for those who didn’t have a pension. In 2013, approximately 37 million American retirees and their families received about $47.4 billion in monthly benefits.1
Signed into law by President Franklin D. Roosevelt
Social Security taxes were collected for the first time
Lump-sum payments began
Program expanded to include survivor benefits or benefits for retiree's spouse and children
Regular, ongoing monthly benefits began
Social Security’s role in retirement today
Social Security is just one of several sources Americans are relying on for retirement income. Personal assets are becoming more important as traditional pensions continue to decline. The proportion of private wage and salary workers participating in traditional pension plans fell almost 50%, from 38% to 20%, between 1980 and 2008.2