Social Security Helps Promote Financial Literacy
Posted: April 16, 2018
Social Security is one of 19 federal agencies that make up the Financial Literacy and Education Commission (FLEC) that was established under the Fair and Accurate Credit Transactions Act of 2003. The Commission’s role is to develop a financial education website (MyMoney.gov) and a national strategy on financial education.
As a member of the FLEC, the Social Security Administration (SSA) collaborates with other member agencies, non-member federal agencies, and the private sector to promote financial literacy and retirement security. Of course, even before the FLEC was established, SSA raised awareness of the three-legged stool of a secure retirement: benefits from pensions, savings and investments, and Social Security.
Having a secure retirement starts with understanding Social Security benefits. All American workers have secure, online access to their earnings history, and they can obtain estimates of how much they may receive in future retirement benefits from Social Security through their online my Social Security account.
But in planning for a comfortable retirement, remember that Social Security replaces only a portion of your pre-retirement earnings. Consequently, workers will also need to consider other options to supplement Social Security, including:
- Contributing to pension or 401(k) plans offered by employers;
- Maintaining and growing savings accounts; and
- Opening and regularly contributing to an individual retirement fund.
For more than 80 years, Social Security has helped secure today and tomorrow by providing benefits and financial protection for millions of people throughout their life’s journey.