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YOUR SOCIAL SECURITY Rock Island, Illinois Office

By Cristina Vital
Social Security Manager
Rock Island Social Security Office

WHAT YOU CAN TEACH YOUR GRANDCHILD ABOUT SOCIAL SECURITY

One of the greatest gifts you can give a grandchild is the gift of financial literacy. Helping them save money early in life and showing them how to make wise spending decisions goes a long way toward a bright financial future. As they get older, they may want to save for special purchases or their college education. You can encourage them when they get their first job to begin saving for the future, including their retirement.

Planning for the Future with my Social Security

When you celebrate their graduation from high school, you can also remind them to set up a my Social Security account. They need to be age 18 or older, have a U. S. mailing address and a valid email address, and have a
Social Security number. And while their retirement is many years away, you can explain the importance of reviewing their earnings record each year, since Social Security uses the record of earnings to compute their future
benefits. As they start their first major job and begin saving, they’ll be able to monitor the growth of the estimates of benefits available to them. You can access my Social Security at www.socialsecurity.gov/myaccount.

Saving For Retirement with myRA

The U. S. Treasury recently introduced a retirement savings account for a simple, safe, and affordable way to save for retirement. It’s perfect for people whose employer doesn’t offer a savings plan. There are no costs or fees to open and maintain a myRA account. The account won’t lose money and is backed by the U. S. Treasury. The individual chooses the amount to save. The account is portable and moves with them from job to job. The account owner can withdraw the money they put in without tax or penalty. You can learn more about myRA at www.myra.gov.

Share How Social Security Works

You can share your knowledge about Social Security with your young savers by explaining how the program works and how it has worked for you. About 96 percent of all Americans are covered by Social Security. Social Security is financed through workers’ contributions, which are matched by their employers. We use the contributions to pay current benefits. Any unused money goes into a trust fund. Nearly all working people pay Social Security taxes and about 61 million people receive monthly Social Security benefits. About 42 million of those beneficiaries are retirees and their families. Encourage them to watch our Social Security 101 video at www.socialsecurity.gov/multimedia/webinars/social_security_101.html.

Share Your Retirement Stories

Social Security replaces about 40 percent of an average worker’s income, but financial planners suggest that most retirees need about 70 percent to live comfortably in retirement. Americans need more than Social Security to achieve that comfortable retirement. They need private pensions, savings, and investments. That means starting to save early and monitoring your Social Security record for accuracy. You can share lessons from your own life about saving and planning for retirement. Remember, the best place anyone of any age can visit for quick, easy information about Social Security is www.socialsecurity.gov.

Your personal stories about how you prepared for retirement and what role Social Security plays can help them see what is needed for a secure financial future. Give them the gift of financial literacy today.

ACCESS SOCIAL SECURITY ONLINE RESOURCES WHEN YOU TRAVEL

Social Security is here for you when you’re traveling, whether it’s just a state away or when you’re abroad. When you open a personal and secure my Social Security account, you can access it on your terms. We put you in control of your finances and your future.

With my Social Security, you can:

• Request a replacement Social Security or Medicare card if you meet certain requirements;
• Check the status of your application or appeal.
• See your lifetime earnings on your Social Security Statement.
• Get a benefit verification letter stating that:
• You receive retirement, disability, Supplemental Security Income (SSI), or Medicare benefits; or
• You never received Social Security benefits, Supplemental Security Income (SSI) or Medicare; or
• You received benefits in the past, but do not currently receive them. (The letter will include the date your benefits stopped and how much you received that year.); or
• You applied for benefits but haven’t received an answer yet.

There’s a lot more you can do with your my Social Security account. We’re always adding new features and resources to make your life easier and give you greater control over your benefits. Placing the “Application Status” feature behind our my Social Security portal provides a secure service delivery channel that allows us to provide detailed status on your claim without requiring a confirmation number.   

With the new Application Status, you can see:

• the Re-entry number for in-progress applications;
• detailed information about the current status of the application or appeal;
• the location where your claim is being processed; and
• scheduled hearing information for appeals.

Visit my Social Security to find out what other personalized features are available to you at www.socialsecurity.gov/myaccount.