Staying on Track

About Social Security – Knowledge is Your Retirement Power

Social Security is intended to provide only a minimum level of retirement income to go toward covering the basic necessities: food, shelter, and clothing. It was never intended to be your only source of retirement income. The rest will be up to you! The age which the Social Security Administration considers full retirement age has been increasing in gradual steps. It’s important to stay informed of these changes.

Currently, Social Security statements are only mailed to workers age 60 and over who aren’t receiving Social Security benefits and do not yet have a My Social Security account. They are sent three months prior to your birthday. This will help you understand what benefits you can expect from Social Security based on your earnings.

Calculate what you can expect with our Social security retirement income estimator!

You may also obtain a Social Security Statement online by going to This statement will help you understand what benefits you can expect from Social Security based on your actual earnings history. If you need help obtaining a statement, you may call the Social Security Administration at 800.772.1213.

Saving through your 401(k) plan is an excellent way to take responsibility for your own financial security!

1AARP, May 2018., 2018.

Early Retirement Penalty


Remember, too, that Medicare coverage doesn’t begin until age 65. If you retire before that, you’ll need to save enough money to pay for health insurance, which is often very expensive for people in that age group.

Get a better feeling for how social security may impact your future

Over the next 25 to 30 years, the over-65 age group is expected to be the fastest growing segment of our population. And since the 1960s, America’s birthrates have been declining. Simply put, there will be fewer people in the workforce supporting more people in retirement.

Source: Profile America Facts for Features, 2017.

The delayed-retirement bonus

Did you know that delaying retirement past your full retirement age could increase your Social Security benefit in two ways? Here’s how.

  1. Each additional year you work adds another year of earnings to your Social Security record. Generally, higher lifetime earnings will result in higher benefits when you retire.
  2. Your benefit will be increased by a certain percentage if you delay retirement past your full retirement age.

If you were born in 1943 or later and delay receiving your Social Security benefits at full retirement age, you can receive an eight percent increase in benefits for each year you postpone retirement up to age 70.

Source: Social Security Administration.