Focus on Retirement Planning — It’s Your Future

June 29, 2017 • By

Last Updated: August 4, 2021

man and woman using a calculator When most people begin their career, retirement is the farthest thing from their mind. Instead, they focus on trying to purchase a home, start a family, or perhaps save money for travel. Retirement seems so far away for many younger people that they delay putting aside money. However, it’s very important to save for the future — if you want to enjoy it.

An employer-sponsored retirement plan or 401(k) can be a useful way to set aside funds for retirement, especially if your employer offers matching funds on what you invest. If you don’t work for an employer that offers this type of plan, there are many other plans designed to help you save for retirement.

From solo 401(k)s to traditional and Roth IRAs, there are programs designed to fit a multitude of budgets. The earlier you start to save, the more funds you’ll have ready for retirement.

In addition to traditional programs, the U.S. Department of the Treasury now offers a retirement savings option called myRA. There’s no minimum to open the account, you can contribute what you can afford, and you can withdraw funds with ease. To learn more about myRA, visit

And, as always, there is Social Security, which is funded by taxes you pay while you work. To get estimates of future benefits and check your earnings record for accuracy, you can create a personal my Social Security account.

Prepare for your future and start saving — and planning — today!

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About the Author

Jim Borland, Acting Deputy Commissioner for Communications


  1. Thomas

    I am divorced and will be eventually be receiving a portion of my ex-wife’s Teacher’s Retirement Pension through a court ordered QDRO when she retires. How will this affect my own personal Social Security benefit amount when I decide to retire where we are no longer married?

    • Ray F.

      Hi Thomas. We reduce spouse’s (divorced spouse) or surviving spouse’s benefits if you also get a pension based on your own federal, state or local government work not covered by Social Security. A pension based on work that is not covered by Social Security (for example, Federal civil service and some State or local government agencies) may cause the amount of your Social Security benefit to be reduced. Your benefits can be reduced based on one of two provisions. Your own Social Security benefit can be reduced based on the Windfall Elimination Provision. Your spouse’s (divorced spouse), surviving divorced spouse’s or widow’s benefits under Social Security may be affected by the Government Pension Offset. we hope this information helps!

  2. Kristofer

    Have you ever considered writing an e-book or writing on other blogs? I have a blog centered on the same information you discuss and would really like to have you share some stories/information. I know my visitors would appreciate your work. If you’re even remotely interested, feel free to shoot me an e mail.

  3. Chris

    Be aware of future scams and potential ID theft. The XO signed by the malignant narcissist requesting voter information comes at great risk to all of us. “Kansas Secretary of State Kris Kobach, vice chairman of the Presidential Advisory Commission on Election Integrity, which President Donald Trump created by executive order in May, sent a letter to all 50 states last Wednesday requesting a bevy of voter data, which he notes will eventually be made available to the public.”

    While some of it is already public record much is not and it will certainly be convenient for someone to access it all in one place!

  4. Graham

    Thanks Jim for the lovely info. You are doing great work. Some awareness is very important and I am very happy that you are doing your work very effectively.

  5. Hospitals &.

    Trump v. International Refugee Assistance Project 4th and 9th Cir. No. 16-1540 (16A1191) June 26, 2017

    On January 27, 2017, President Donald J. Trump signed Executive Order No. 13769, Protecting the Nation From Foreign Terrorist Entry Into the United States. The order alters practices concerning the entry of foreign nationals into the United States by, among other things, suspending entry of nationals from six designated countries for 90 days. Respondents challenged the order in two separate lawsuits. They obtained preliminary injunctions barring enforcement of several of its provisions, including the 90-day suspension of entry. The injunctions were upheld in large measure by the Courts of Appeals and Supreme Court in Trump v. International Refugee Assistance Project 4th and 9th Cir. No. 16-1540 (16A1191) June 26, 2017. The Supreme Court held an immigrant from these countries must prove a bona fide relationship with a US citizen, corporation or academic institution. The President is authorized to suspend the entry of all aliens or any class of aliens to this country whenever he finds that the entry of any aliens or of any class of aliens would be detrimental to the interests of the United States under 8USC§1182(f ). The Ninth Circuit held that there is no sufficient finding that the entry of the excluded classes would be detrimental to the interests of the United States Hawaii, 2017. The State Department is reported to have gone INS in regards to the definition of close relationship, allowing step-daughters but not grandmothers, all described as next-of-kin under 24USC§420(a)(2)(E). The two most critical factors that must be considered in deciding whether to grant a stay are (1) whether the stay applicant has made a strong showing that it is likely to succeed on the merits and (2) whether the applicant will be irreparably injured absent a stay.

    Discretion must be guided by sound legal principles Nken v. Holder, 556 U. S. 418, 434 (2009). The interest in preserving national security is an urgent objective of the highest order Holder v. Humanitarian Law Project, 561 U. S. 1, 28 (2010). Crafting a preliminary injunction is an exercise of discretion and judgment, often dependent as much on the equities of a given case as the substance of the legal issues it presents. See Winter v. Natural Resources Defense Council, Inc., 555 U. S. 7, 20, 24 (2008); 11A C. Wright, A. Miller, & M. Kane, Federal Practice and Procedure §2948 (3d ed. 2013). The purpose of such interim equitable relief is not to conclusively determine the rights of the parties, but to balance the equities as the litigation moves forward. In awarding a preliminary injunction a court must also consider the overall public interest. Injunctive relief should be no more burdensome to the defendant than necessary to provide complete relief to the plaintiffs in the case, Califano v. Yamasaki, 442 U. S. 682, 702 (1979). A court’s role is to provide relief only to claimants who have suffered, or will imminently suffer, actual harm Lewis v. Casey, 518 U. S. 343, 349 (1996).

  6. Tsutomu I.

    I must change my BofA bank account. How can I change and inform you of the new account number without compromising it.

    • Ray F.

      If you already receive Social Security or SSI benefits and you have a bank account, you can sign up for Direct Deposit by:
      • starting or changing Direct Deposit online (Social Security benefits only), or
      • contacting your bank, credit union or savings and loan association, or
      • calling Social Security toll-free at 1-800-772-1213 (TTY 1-800-325-0778).

  7. Sonia L.

    Need to know what name with my Social number?
    because I have two name, I can’t find it your indicate..
    and your Code please send my ( PO.Box 913 New York NY 10156 ) as quickly as possible please. and which way I send you for my bank information? can I give it direct your office possible? please let me know. finally I get my Social Security number not yet my benefit money-, hope to get my direct deposit as soon as possible. Why not possible sent It a Check by mail for first time?
    Hope here’d from you soon. Thank you.

  8. Martha A.

    The problem is our money paid in goes too people from other countries that come to America and get what they never worked are paid into SSI Medicare etc. They kept raising retirement age so we the working Americans can support the people whom come in and after there here for a while they bring there father mother whom are old and they get what Americans have worked and paid for they get for free ! PS They are living better then we Americans! That were born here and Fathers and grandfather’s whom went to wars for this land. Look in any Cuban Neighborhood in Florida and you can tell who are Americans and who are from Cuba by the houses and the cars at the homes ! My grandson is missing four fingers on his right hand he can’t find a job! He gets you can’t do the work first thing they asked him at the SSI office was are you Hispanic ? What should it matter ?

    • Heinrich R.

      Henry Form Germany!
      You are right my english is not so good anymor..
      Im very happy a paid in socialsecurity. My age are 76 now and im clad i paid in; it helps mi a lat in Live.
      Thanks Amerika

  9. Bajrang s.

    Hello welcome yout and your…Bajrang singh tanwar…your..must..good…jobs..alriright…nice of you ..thank you ..full..indi a

  10. harold l.

    When and by whom was it decided that because I worked from age 9 to 84 and accumulated my retirement funds legitimately, you yes you would not return to me, completely, that which is mine? You punish hard work, education and success and create another disincentive.

    • Tom

      Ah. The suffering worker victimized by the government once again! Let’s Make America Great Again! Your benefits are not based on your contributions except for the amount you receive each month. Most people far outlive their contributions into Social Security….by quite a few years. That means while you are convinced that you are not getting all you imagine you are due, you are in fact being subsidized by today’s workers, which is why their FICA rates are so much higher than yours were during your working years. Senator Moynihan described this as the most regressive tax ever devised in America. The poor pay a bigger share of their income that those who earn above the taxable limit. The only person punishing you is you! Try finding a source of information that relies on facts and not the feelings of victimization that are nothing more than ruses to get you to vote to undo the safety net. Hopefully, you aren’t covered by the ACA. If you are you can blame the other party who didn’t cast one vote for the alternative that will kick 22 million off of insurance and make elderly Americans have to choose between premiums and food!

      • Linda A.

        I want to suggest or DEMAND that the members of congress and other federal employees must use the same insurance coverage they implement for the rest of the nation! And your coverage ends when you are no longer in these positions!

    • Dave B.

      Harold, thank you for all your involuntary contributions into Soc Sec. You are absolutely correct; now, when you need some of it back to retire on, they withhold any debt you may not have been able to pay off your educational degree with due to other life hardships along the road. The author of this article needs to state whether funds put into this new “myRA” savings account is subject to collections for funds owed to Dept of Education, IRS, or other federal agencies.

      • Ray F.

        Thank you for your comment Dave. For specifics on how the myRA account works and to learn more about myRA account visit

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