Once you reach age 25, the Social Security Administration
(SSA) will send an annual report on your individual account.
This report will highlight potential benefits from your account
and is a valuable tool for your use when considering ways to plan
for your retirement and other financial needs.
Social Security should be only one of a number of sources
for income during retirement. Other sources may include an
employer pension and your personal retirement savings in the
form of an individual retirement account (IRA).
When you receive your statement, take some time and go over
its contents. Are the reported earnings correct? If not, report any
errors to the SSA. It’s much easier to do now than after you retire.
How do the projected benefits fit within your retirement
needs? Will you have enough from other sources to fill any gaps?
These are important questions a financial professional can help
you answer. A financial professional can also help you find ways
to plan for a retirement that relies less on Social Security and more
on options that are suitable to your needs and comfort level.
There are a number of products and services available to help
you attain the retirement your desire. An early start at developing
your personal plan will make your goals more attainable.
Written by Lynda Housley, a State Farm agent based in Corsicana.