Guide to
Social Security Benefits
Part 1
Social Security's Future And Yours!
Is
There Social Security In Your Future?
Before we get
started explaining the program, we think it's
important to answer the first question many people have about
Social Security. Perhaps you've asked it yourself. That question
is: "Will Social Security be there when I need it?" The
simple and logical answer is, "Yes it will." But that answer
deserves an explanation.
If you're concerned
about the future of Social Security, it's probably because you've heard
misleading stories about Social
Security money being used for other purposes (which are partially
true) and reports that the system's trust funds contain
only "worthless IOU's" (which are false). Here are the facts.
Out of every dollar you pay in Social Security taxes:
-
73 cents goes to
a trust fund that pays monthly benefits to
about 29 million retirees and their families and to about
8 million widows, widowers, and children of workers who
have died;
-
19 cents goes to
a trust fund that pays for the health
-
8 cents goes to
a trust fund that pays benefits to about 5 million
people with disabilities and their families.
Money not needed to
pay these benefits is invested in U.S. government
bonds-generally considered the safest of all investments.
And the government uses the money it has borrowed from
Social Security, just as it uses the money that you may have
invested in treasury bonds, to pay for all the services and
projects it provides for our citizens. But, just as the government
pays you back with interest when you redeem your bonds,
it has always made good on its obligations to Social Security.
There's no reason to believe it won't continue to do so.
If you own treasury bonds, it's a safe bet you don't consider
them to be "worthless IOU's." We don't either. Our investments
will be honored and we, in turn, will honor your investment
in Social Security. It will be there when you need it!
When
Will You Need Social Security?
Now that we've
answered your first question and told you that
Social Security will be there when you need it, the next question
you may ask yourself is this: "When will I need it?" If
you're like most people, you tend to think of Social Security
as a retirement program. Although it's true that most of
our beneficiaries (about 60 percent) receive retirement benefits,
many others get Social Security because:
-
they are
disabled;
-
they are a
dependent of someone who gets Social Security; or
-
they are a
widow, widower, or child of someone who has died.
So, depending on
your circumstances, you may be eligible for
Social Security at any age. In fact, Social Security pays more
benefits to children than any other government program. Today,
45 million people, almost one out of every six Americans,
collect some kind of Social Security benefit.
How
To Reach Us When You Need Us
The Social Security
Administration has about 1,300 offices in
cities and towns across America. Of course, you're always welcome
to visit the office nearest you.
But the easiest way
to reach us is to call our toll-free number:
1-800-772-1213. You can get information 24 hours a day. You
can speak to a service representative between 7 a.m. and 7 p.m.
on business days.
If you have a
push-button (tone) phone, recorded information
and services are available after 7 p.m. weekdays and
all day on weekends and holidays.
If you want to speak
to a representative the best times to call
are early in the morning and early in the evening. And if you
can, it's best to call later in the week and later in the month.
When you call, have your Social Security number handy.
Hearing-impaired
callers using "TDD" equipment can reach Social
Security between 7 a.m. and 7 p.m. on business days by calling
1-800-325-0778.
The Social Security
Administration treats all calls confidentially,
whether they're made to our toll-free numbers or
to one of our local offices. We also want to ensure that you receive
accurate and courteous service. That's why we have a second
Social Security representative monitor some incoming and outgoing
telephone calls.
Your
Future ... And This Report
Here's one final
message about Social Security's future, your
future, and this report: Social Security will be there--whenever
you may need it.
But even though
Social Security will be ready for you, will
you be ready for Social Security?
This report will
help you with the kinds of plans and decisions
you need to make now in order to ensure a brighter and
more secure financial future for you and your family.
|
