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Ten Steps for a Sound and Secure Retirement

1. Confirm Your Social Security and Medicare Benefits.


- Obtain an updated Social Security statement. Ascertain the amount and start date of the Social Security income you will enjoy.

- Contact your employer(s) about the amounts and start dates of any pension or benefits for which you qualify.

- Learn what Medicare does and does not cover.

Interviews


-The status of Social Security today with Commissioner Michael Astrue

-What will Congress do about Social Security and Medicare cost increases? Our interview with Director Peter Orszag

-The
Marvels and Mysteries of Medicare

Video


Peter Peterson's Plan to Help the Next Generation

Tools and Resources


- To request an updated Social Security statement, visit the web site for the Social Security Administration - https://secure.ssa.gov/apps6z/isss/main.html

- Learn what is and is not covered by Medicare from the Congressional Budget Office at www.cbo.gov/publications/collections/collections.cfm?collect=6

- Social Security: A Documentary History by Larry DeWitt, Daniel Beland, Edward D. Berkowitz (CQ Press, ISBN 978-0872895027, August 22, 2007)

Quote

"Social Security was never intended to fully provide for retirement; that is a myth that circulates in certain quarters, and it is a very dangerous myth because if you don't fully prepare for retirement through private savings, you are likely to have a very difficult retirement." - Michael Astrue, Social Security Commissioner.

Definition


Social Security is a comprehensive federal program created in 1935 which provides workers and their dependents with supplemental retirement income, disability income, and other payments. To participate, workers must pay a minimum number of units of Social Security taxes. Medicare is the U.S. health insurance program administered by the federal government, providing health insurance coverage to people who are either age 65 and over, disabled, or who meet other special criteria.

Fact


One out of five retired couples and four out of ten unmarried individuals derive 90% or more of their income from Social Security. (Social Security Administration, 7/20/06. www.ssa.gov/pressoffice/basicfact.htm


Go to Step 2: Set a detailed, realistic, written "Retirement Plan"
Go back to main 'Steps' page

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