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Social Security statements can be a wake up call: never too early to implement retirement savings plans.

Publication: Mississippi Business Journal
Publication Date: 28-JUN-04 		Format: Online - approximately 1190 words
Delivery: Immediate Online Access
Full Article Title: Social Security statements can be a wake up call: never too early to implement retirement savings plans.(Retirement & Relocation)

Article Excerpt
Do you know how much Social Security you would draw upon retirement at the wages you have earned thus far in your career? If not, then you need to pay more attention to the four-page Social Security statement that comes each year about three months before your birthday. It could be a wake up call to do more to beef up your personal retirement savings program.

Many people have come to believe that since they have paid Social Security taxes all these years, that Social Security should be enough to support them in retirement. That's why the Social Security statements, which the government has been providing since 1999, can be illuminating. Social Security isn't as much as many people believe, and the program was never meant to provide for all of a worker's financial needs in retirement.

Some who receive their annual Social Security statements in the mail may be in for a shock. They realize the amount they would receive wouldn't support them now, let alone in the future when inflation has taken a toll.

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