Private Retirement Benefits and Social Security Working Together
Reading Time: 2 MinutesLast Updated: August 19, 2021
On August 14, 1935, President Franklin Roosevelt said, “We can never insure 100 percent of the population against 100 percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-stricken old age.”
Nearly 81 years later, Social Security provides the foundation for retiring Americans that President Roosevelt imagined when he signed the program into law. The latest figures report that nearly 59 million Americans were receiving retirement, disability or survivors’ benefits from Social Security. Each year, nearly 15 million elderly Americans are lifted out of poverty by Social Security, proving that the program is indeed a crucial part of a secure retirement.
While Social Security provides a strong foundation for workers, the private retirement system also plays a key role in ensuring the economic well-being of retired Americans. Over 115 million workers receive retirement benefits through plans provided by their employers. In addition, the number of retirees receiving income from private retirement plans continues to increase.
On February 5, the U.S. Chamber of Commerce held a retirement forum focused on the success of employer-provided retirement systems. Panelists and speakers offered guidelines to help support the voluntary employment-based retirement benefits system and identified ways to encourage innovation and flexibility in the private retirement system. In addition, the U.S. Chamber of Commerce also released a white paper at the event entitled, “Private Retirement Benefits in the 21st Century: Achieving Retirement Security,” which recommends a series of steps to further bolster the private retirement system.
The true success story, however, is the combination of Social Security and employer-provided retirement benefits. Working hand in hand, the private retirement system and Social Security can ensure that millions of Americans keep receiving the stable and secure income that they deserve.
To educate companies on the benefits of this partnership, the Chamber and the Social Security Administration are co-sponsoring a conference, entitled “Promoting Retirement Security Makes Good Business Sense” on April 5, 2016 at 8:45 ET. The discussion will center on promoting the partnership between the Social Security and the business community to support a secure retirement for workers. We will also discuss how the current Social Security retirement program can supplement employer-provided retirement savings. I encourage you to tune in to the live webcast at US Chamber Live Webcast.
Have a question you would like to see answered on the day of the event? Post your question to @SSAOutreach using the hashtag #RETSCC and watch the live webcast to see if your question was chosen on the day of the event.
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About the Author
Randy Johnson, Senior Vice President, Labor, Immigration, & Employee Benefits, U.S. Chamber of Commerce
Randy Johnson, Senior Vice President, Labor, Immigration, & Employee Benefits, U.S. Chamber of Commerce
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prof e.
thank you, my local office is not very cooperative and his doctor refuses to sign a letter:(
thank you.
prof e.
thanks Ray, you are very helpful and knowledgeable. i have a different question. What if i do not become payee but just handle his affairs by giving permission to talk to me? how does that work? the local office said i just have to mail a letter from my husband signed with a letter from his doctor. is this correct if i just handle affairs but do not become payee?
R.F.
We recommend that you continue to work directly with your local Social Security office in regards to this issue. Thanks.
prof e.
also someone in the local office said to speak to SSA about my husband’s affairs, i just need a dr note to be mailed. is this accurate?
R.F.
A statement from his doctor would be helpful. To become your husband’s representative payee, you will need to work directly with your local Social Security office. Please read our publication: A Guide For Representative Payees for more information. If you have specific questions, or to make an appointment, please call 1-800-772-1213 between 7 a.m. to 7 p.m. to speak to one of our representatives.
prof e.
thank you Ray for the info. as a rep payee is the doctor’s note required? also does SSA monitor how i use the money? since this is my husband, i would be using the funds to help pay bills and to live on. is that permissible?
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prof e.
I have question for SS. My husband is retiring in two months. He has some intellectual disabilities and wants me to handle his SS affairs. If I become the payee can I do this or do I need a doctor’s note? How can I become the payee? what must be done?
R.F.
Thank you for your question prof editheli. To become your husband’s representative payee, a face-to-face interview is required and you will need to apply with your local Social Security office. As a representative payee, you will be able to talk with us and have access to your husband’s records and update his account information. A statement from his doctor would be helpful. The statement should say that your husband is not able to -mentally and physically- manage his Social Security benefits and identify you as the person responsible to keep his affairs in order. Please read our publication: A Guide For Representative Payees for more information. If you have specific questions, or to make an appointment, please call 1-800-772-1213 between 7 a.m. to 7 p.m. to speak to one of our representatives. Generally, you’ll have a shorter wait time if you call later in the week.
Gladys H.
I want to know if Congress and the Senate will have their sallies raises cut for one year like they did our meager raises for Social Security checks this year.
tony
If there is inflation, everyone gets a Cola raise. Congress should pass a law when there is deflation, they should cut Social Security checks by the same amount. They shouldn’t be able to keep their Cola raise from the previous year.
The current system cost tax payer money.
Gregory a.
We need copies of our 2012 S/S so we can make arrangements to pay taxes…….my husband has been very ill for the last few years and this is all new to me…..we have the rest of what we need…..just need 2012 please
R.F.
Hello Pamela. We wish your husband a healthy recovery. He can obtain a replacement SSA-1099 form if he is receiving Social Security benefits. He would need to create a my Social Security account and print off the SSA-1099 which shows the total amount of benefits he received from Social Security in 2012. See our Frequently Asked Questions page for more information. Thanks!
tony
Private pensions aren’t that secure as most people think. I had a 401K pension. I contribute and the employer contribute money into the pension. There are a few clause to the pension I had. The employers contributions still belong to them until I retire or quit. If the employer goes bankrupt they can take that money. If the administrator of the pension loses all the money through bad investments, then I could lose most of my pension. The pension is insured through the government, but the government only pays pennies on the dollar. Then I have to leave in good standing to receive the employer’s contribution. So many rules to get out of paying.
David R.
Employers are also allowed to cut back your company pension benefits for a “Social Security Rollback” when they offer a 401K plan along with a traditional pension plan. They can withhold an amount up to 1/2 of your calculated company pension. Ask your company about this.
Nick
It is Socialism for the government to take a portion of paychecks, and Immoral for them to spend it on other things, which has been done for years. Must be changed along with Medicare to avoid financial collapse of USA!