BoomerGirl Diary

Autumn in America marks our transition from summer to winter. Leaves change colors, temperatures drop, crops are harvested and nights get longer. For many baby boomers, this autumn season also signals a personal transition. In a few shorts months, they can move from the workforce into retirement.

Those who may be nearing this milestone need to be sure that they are prepared to make this important life-choice. The unfortunate truth is that, according to a study by Boston College, about one-third of all people now within 10 years of retirement eligibility will not be able to meet their retirement financial goals unless they save more or work longer. To find out how prepared you are, visit the Social Security Administration’s financial planning page at www.socialsecurity.gov/planners.

The calculators featured on this site test different retirement ages and calculate future potential earnings amounts. A link to a worksheet will also help you decide how much you need to save and invest for a comfortable retirement.

In addition, www.mymoney.gov is a financial website supported by a variety of Federal Agencies. This site provides information on how to save, invest and manage your money during all stages of life.

We all know that working longer may not always be an option, due to health issues or other concerns, so it is wise to begin saving for retirement as soon as possible. The level of your savings is a personal choice, but most financial planners recommend 70 to 80 percent of your pre-retirement income to live comfortably. Social Security will only replace about 40 percent of what average wage earners make before they retire.

This leaves a 30 to 40 percent gap in retirement coverage. Private pensions, IRAs and savings or other investments will need to satisfy the difference. Each year, the Social Security Administration mails every worker age 25 and older a Social Security Statement. It is important to read this document carefully to see how much you and your family can expect to receive from Social Security when you retire, if you become disabled or die. If you find a discrepancy between your records and our records, contact us today so that your future benefits will not be delayed.

With a little bit of planning and effort, your transition from work to retirement can be as pleasant as the fall foliage.

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THIS THANKSGIVING, GATHER AROUND THE COMPUTER

Each year, people from across the nation spend Thanksgiving Day enjoying good food and quality time with their families. During this year’s holiday we hope you will consider assisting a loved one by visiting www.socialsecurity.gov.

The Social Security Administration has a cornucopia of services, many of which are online. You can visit us at www.socialsecurity.gov/onlineservices from the privacy of your home or office. Using the agency’s website is convenient, easy and secure.

Here are a few of the things you can help your loved ones do online.

Apply for benefits. You can help them apply for Social Security retirement, spouse’s or disability benefits. After they have applied, they can check back online for the status of the application as well.

See if they qualify for Social Security. You can use our online Benefit Eligibility Screening Tool (BEST) to see which kind of benefits they might be eligible for. Just answer a series of questions and find out whether they’re eligible for retirement, disability or Supplemental Security Income (SSI) benefits. You can even find out whether they might be eligible for Medicare. All of this can be done by completing one simple questionnaire, and it only takes five to ten minutes.

Change Your Address or Phone Number. If you currently receive Social Security benefits, it’s important that you keep us updated about changes to your mailing address and phone number in case we need to contact you—even if you have direct deposit. The most convenient way to update your information is by using our online services. You can change your address, phone number, even your direct deposit information.

Apply for Extra Help with Your Medicare Prescription Drug Costs. Social Security has an easy-to-use online application that anyone — family members, friends and caregivers — can complete. If a loved one has limited income and resources, they may qualify for extra help paying the premiums, deductibles and co-payments. This extra help — available through Social Security — can pay part of the monthly premiums, annual deductibles and prescription co-payments and could be worth more than $3,600 per year.

These are just a few of the many services now available online from Social Security. So once the dishes are put away, pass the laptop and visit Social Security at www.socialsecurity.gov/onlineservices.