50+ Lifestyles

YOUR SOCIAL SECURITY Davenport, Iowa Office

By Linda Clayton-Powell
Social Security District Manager
Davenport, Iowa

GET YOUR RETIREMENT SOARING

Wright Brothers Day, observed on December 17, marks the day in 1903 that two adventurous brothers in Kitty Hawk, North Carolina took to the air for the first time. It was a modern miracle at the time and a catalyst for the age of intercontinental travel. Over a hundred years later, it’s commonplace for people to fly across the country. Most of us don’t consider all the preparation and patience it took to achieve this modern feat of flight.

Luckily, planning your financial future isn’t as daunting as pioneering modern aviation. Social Security has secure and easy-to-use online resources that can ensure your retirement soars above the clouds. The sooner your start planning for retirement, the better prepared you’ll be. Just like building a reliable airplane, you’ll need finely tuned parts that will work together for you to take flight.

Think of your retirement strategy as a flight plan that propels you higher. We have many resources at www.socialsecurity.gov/planners/retire that help you find the age at which you may first become entitled to unreduced retirement benefits, estimate your life expectancy, and calculate your estimated benefits. These tools explain how much money you will need and for how long — something you can adjust through personal savings, pensions, and other benefits.

You can also get personalized benefit estimates using the Retirement Estimator at www.socialsecurity.gov/estimator. The Estimator shows different scenarios, like how future wage changes or alternate retirement dates will affect your future benefits. Benefit amounts may differ from the estimates provided because:
•  Your earnings may increase or decrease in the future.
•  After you start receiving benefits, they may be adjusted for cost-of-living increases.
•  Your estimated benefits are based on current law. The law governing benefit amounts may change because, by 2034, the payroll taxes collected under current law will be enough to pay only about 79 cents for each dollar of scheduled benefits.
•  Your benefit amount may be affected by military service, railroad employment or pensions earned through work on which you did not pay Social Security tax.
As you can see, your flight plan to retirement may change over your lifetime. It’s important you understand that no matter where life takes you, the long journey to retirement is one of your most important trips. With every right decision, you’re making your retirement flight plan a success that will carry you through the heights of your golden years.
It’s never too early to start planning. Whether you are nearly ready to retire or if you’re just getting off the ground in your career, I recommend you create your own my Social Security account so you can also learn about all the future benefits available to you. Visit www.socialsecurity.gov/myaccount to create your account.

BE PREPARED WHEN DISASTER STRIKES  

For many of us, preparing for winter involves pulling out heavy coats from the closet and making sure our vehicle is ready for intense weather. Whether your winter brings snow, ice, or flooding, you need to be prepared.

Preparing for a possible physical or mental disability is the same. Many people don’t think of disability as something that could happen to them. Statistics show the chances of becoming disabled are greater than most realize. Fifty-six million Americans, or 1-in-5, live with a disability. Thirty-eight million Americans, or 1-in-10, live with a severe disability. A sobering fact for 20 year-olds is that more than a quarter of them will become disabled before reaching retirement age. Disability can happen to anyone. But who is prepared?

When disability does happen, Social Security can help people meet their basic needs. Our disability programs provide financial and medical benefits for those who qualify to pay for doctors’ visits, medicines, and treatments. You can learn more about how you might be covered if you are disabled at www.socialsecurity.gov/planners/disability.
Social Security pays benefits to people who worked and paid Social Security taxes, but who can no longer work and whose medical condition meets the strict definition of disability under the Social Security Act. A person is considered disabled under this definition if he or she cannot work due to a severe medical condition that has lasted or is expected to last at least one year or result in death.

The person’s medical condition must prevent him or her from doing work that he or she did in the past, and it must prevent the person from adjusting to other work based on their age, education, and experience.

Supplemental Security Income (SSI), our other disability program, is a needs-based program for people with limited income and resources.
You can find all the information you need about eligibility and benefits available to you by reading our publication, Disability Benefits, available at www.socialsecurity.gov/pubs.

While extreme winter weather may not affect all of us, the risk of being disabled and needing help isn’t based on geography. Chances are you know someone who is disabled or perhaps you live with a disability. If you wish to help a friend or family member — or need to plan for disability yourself — visit www.socialsecurity.gov/disability.