Retirement is a concern for all Americans, and financial planning is one way to make sure we’re ready for it. With this in mind, Social Security is finding ways to encourage Americans to use various financial planning tools to help them plan better for their retirement.
September 15 to 20, Social Security is working alongside the Congressional Black Caucus Foundation, Inc. during their 2015 Annual Legislative Conference (ALC) to help African Americans become familiar with Social Security and our financial tools. As part of this initiative, we’re reaching out to the African-American community by promoting the online Social Security Statement, available with a my Social Security account.
According to the last U.S. Census Bureau, African Americans comprise more than 40 million of the U.S. population. The African Americans and Social Security section of our website highlights how African Americans benefit from the Social Security program and how certain demographics compare to the entire population. In 2013, the median earnings of working-age African Americans who worked full-time were about $36,000, compared to $43,000 for all working-age people. In addition, in 2013, among African Americans receiving Social Security, 25 percent of elderly married couples and 55 percent of unmarried elderly persons relied on Social Security for 90 percent or more of their income.
Acting Commissioner of Social Security, Carolyn W. Colvin, will speak tomorrow at the 45th Annual Legislative Conference in an Issue Forum hosted by Congressman Gregory W. Meeks. The title of the forum is “Wealth Building in the African American Community.” Acting Commissioner Colvin will speak about the importance of Social Security to the African American community and how using financial savings tools, like my Social Security, can help you plan for your retirement. Social Security will also have a booth at the conference, signing people up for online my Social Security accounts. A personal my Social Security account can help you keep track of your earnings, view your Social Security benefits, and get retirement and disability benefit estimates. In addition, Social Security will have an article in the ALC Daily newspaper penned by the Associate Commissioner for External Affairs, J. Jioni Palmer. The Social Security article will appear in the conference newspaper which is distributed to the conference attendees.
While Social Security is the foundation for a secure retirement, people also need other savings and investments. We’re encouraging African Americans to start planning and saving for retirement today.