What is Proper Retirement Portfolio? Social
Security Has Tips and Links to Help
Q&A also has details on getting SSA number for child
adopted from another country
Jan. 27, 2014 – Too many of today’s senior citizens
probably regret they did not start preparing for the financial
challenges of retirement much earlier. The Social Security Q&A column
this week has some suggestions and references to online sources of help.
I have heard that a proper
retirement portfolio includes benefits from pensions, savings and
investments, and Social Security benefits. How can I find out what I
need in each of these areas in order to be prepared for my retirement?
Social Security benefits are the foundation on which you
can build a secure retirement. Most financial advisors say you will need
about 70 percent of your pre-retirement earnings to comfortably maintain
your pre-retirement standard of living. They recommend that you prepare
for the future with a combination of Social Security, private pensions
and personal savings.
Under current law, if you have
average earnings, your Social Security retirement benefits will replace
about 40 percent of your pre-retirement earnings. The percentage is
lower for people in the upper income brackets and higher for people with
low incomes. You can figure out what your Social Security benefit
will be by using our online
We encourage saving for retirement, but there are
reasons to save for every stage of life. According to a 2013 survey by
the Employee Benefit Research Institute, the
past few years have seen a sharp decline in Americans’ confidence about
their retirement savings. Only 13 percent of workers feel very confident
about having enough for a comfortable retirement and 28 percent are not
at all confident.
More than half of workers have less than $25,000 in
total savings and investments. Twenty-eight percent of workers have
saved less than $1,000. If you have not begun saving for retirement, now
is a good time to start - no matter what your age.
If retirement is near, you will want to jump into
the fast lane right away. If you are younger and retirement seems a
lifetime away, it is still in your best interest to begin saving now.
Experts agree that saving when you are young will make a world of
difference when the time comes to draw on your retirement savings. A
great place to go for help in planning your retirement is
Ballpark Estimator is another excellent online tool.
We adopted a baby girl overseas and brought her
home with us to the United States. We need to get a Social Security
number for her. What do we do?
To apply for a Social Security number for your
child you must take the following steps.
Show us documents proving your child’s United States citizenship
or immigration status, adoption, age, and identity.
Show us a document proving your identity, and show us evidence
that establishes your relationship to the child if your name is not
noted as the parent on the child’s evidence of age. The adoption decree
or the amended U.S. birth certificate will suffice.
Oscar Garcia is a Public Affairs Specialist with
the Social Security Administration. You can direct your questions to him
at: SSA, 411 Richland Hills Drive, San Antonio, Texas, 78245. You can
also email him at
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