By Mike Festa, State Director AARP Massachusetts
AARP is working to ensure you have a brighter and more secure financial future. We provide free tools and resources to help you plan, work and save for retirement. We’re also fighting to protect and save Social Security. AARP knows that you work hard and pay into Social Security, so it’s only fair for you to expect to get the money you’ve earned.
This month, AARP Massachusetts is presenting a fall financial series, Thrifty Thursdays. We have virtual events every Thursday this month tackling some aspect of financial planning. Our series covers everything from mapping out a plan to get out of debt, to figuring out a budget, to getting a grasp on Social Security.
While Social Security was never intended to be the only source of retirement income, it is a core part of Americans’ retirement security and often the only long-term, inflation-proof source of income for many Americans. In fact, 49 percent of Massachusetts residents age 65 and older rely on the program for at least half of their income.
If you’re still deciding about Social Security, take a tailored look at your prospective financial future with the AARP Retirement Calculator. This tool can help you determine how much money you’ll need to live the retirement you want, based on information about your household status, savings, Social Security income and lifestyle expectations.
AARP has been fighting for 60 years — and will continue to lead the charge — to keep Social Security viable for current and future generations.
Right now, that means fixing the customer service crisis at the Social Security administration.
What’s happening is outrageous; calls aren’t being answered, callers are waiting too long, processing claims is taking forever, and customers are getting incorrect information. Congress needs to act.
For people to enjoy economic security as they age, not only do we need a strong Social Security system but better opportunities to build savings throughout our lives.
Work and Save programs help people plan for retirement. Americans are 15 times more likely to save when they can do so at work. Work and Save makes it easier for businesses to offer employees a way to save out of their regular paychecks, helping them take charge of their financial futures and live independently as they age.
It’s their own money that they can take with them from job to job and rely on in later years for a more secure future. Accounts are voluntary. It’s up to employees to decide if they want to participate, and how much they want to put away. Contributions are made with an automatic deduction from their paychecks.
A strong Social Security system, better access to workplace retirement plans and more incentives to promote saving all play a role in helping individuals live out their lives in financial security.