Social Security Administration Targets Young Workers
A new program has been launched by the Social Security Administration, aimed at teaching the young work force about the importance of saving, investing, and preparing for retirement. It focuses mainly on small steps that can be taken to increase the amount of retirement funds available to them in the future, apart from benefits from Social Security.
The pamphlets that are being handed out to people between the ages of 25 and 35 works to dispel some of the rumors about Social Security, and better inform workers about that benefits of saving. Some of the information speaks about the chances of SS being around for their retirement, as it has been projected that funds will run out by 2041.
It also explains the importance of adding small investments over time, as even $25 a week, with compounded interest of 5%, will come out to almost $165,000 within forty years, which would put many of the young workforce at retirement age. This would be in addition to benefits that the SSA assures us will still actually be there.
According to the Social Security Board of Trustees, in 2041, taxes will still allow for “$780 for every $1,000 in benefits scheduled”, which will be enough to supplement an already well established retirement fund. But this is fully the responsibility of the worker, and so the issue is an important one.
Young workers can start expecting to see the inserts within the coming months, which are similar to those given to workers over the age of 55, explaining all possible benefits, the way compound interest increases investments, and how to make the most out of your retirement funds. It also discusses the way that Social Security payouts work, and the chances of applying for, and receiving, disability in the case of early retirement.
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