Frequently Asked Questions (FAQ) About Retirement:

1.  According to the Social Security Administration, Social Security is a SUPPLEMENT.

"Social Security was never intended to be your only source of income when you retire or become disabled, or your family's only income if you die. It is intended to supplement other income you have through pension plans, savings, investments, etc. "--SSA Publication No. 05-10006, March 1998: A Snapshot, Figuring Social Security Benefits

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2.  How long will it last?  The Social Security Trust Fund will be exhausted in 2032. How old will you be?  Changes must be made.

"Currently, Social Security is taking in more in taxes than it is paying out in benefits, and these excess funds are credited to Social Security’s trust funds... benefit payments will begin to exceed taxes paid in 2013, and the trust funds will be exhausted in 2032. At that time, Social Security will be able to pay only about three-fourths of benefits owed … if no changes are made."--The Future of Social Security, SSA Publication No. 05-10055, ICN No. 462560, Persuade

3.  Changing Demographics 

• 76 million baby boomers will begin retiring around 2010
• In 30 years, there will be nearly twice as many older Americans as there are today. 
• The number of workers paying into Social Security per beneficiary will drop from 3.3 to 2. These changes will strain our retirement system. --   The Future of Social Security,  Social Security Administration.

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4.  Misconception? We should put our money in our own accounts. We'll get more back.

This may not be the first time the song was sung. What preceded the current down market?

"Long before the economic blight of the depression descended on the Nation... Men and women too old and infirm to work either depended on those who had but little to share, or spent their remaining years within the walls of a poorhouse . . . 

In our efforts to provide security for all of the American people, let us not allow ourselves to be misled by those who advocate short cuts to Utopia or fantastic financial schemes. -- President Franklin Roosevelt August 14, 1938, Radio address on the third anniversary of the Social Security Act

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5.  Be Proactive. It's YOUR LIFE

"Discussions about the future of Social Security need to take place...  in family living rooms all across America... people need to... be able to help shape the Social Security program of tomorrow." — The Future of Social Security,  February 1999 Kenneth S. Apfel, Commissioner of Social Security

Contact your elected officials. Save money. Plan.