News From Terre Haute, Indiana

Business

August 25, 2013

Who’s on first? You are, with Social Security

TERRE HAUTE — The tried-and-true “Who’s On First?” comedy routine made famous by Abbott and Costello is as American as baseball, apple pie and Social Security.

Who’s on first base? You are, when the time comes to do business with Social Security. We always place customer service first and strive to hit a home run with every person we serve.

What’s on second? Our heavy-hitting team of top-rated online services, that’s what! For example, you can use my Social Security to set up an account and get access to your Social Security statement to see estimates of your future benefits. If you know your bases are loaded and you are ready to retire, you can hit the ball out of the park with our online retirement application. You’ll find it all at www.socialsecurity.gov.

And third base? I don’t know. It’s hard to know when the right time to retire may be, or whether retirement planning will even be your first play with Social Security, given that we also pitch disability and survivors’ benefits. The future may be unpredictable, but what we do know is that our online tools and services can help you plan for whatever your Social Security needs may be, throughout your lifetime.

Baseball is an annual rite of summer and a game known for its numbers: Cal Ripken’s record 2,632 consecutive games played. Joe DiMaggio’s 56-game hitting streak. These and countless other baseball statistics tell stories greater than the numbers themselves. Mention any one of these to a baseball fan and you’re sure to call to mind memories and stories.

Social Security’s numbers tell stories too. The first lump sum Social Security payment of 17 cents was made to Ernest Ackerman in 1937. The first monthly Social Security check of $22.54 went to Ida May Fuller in January of 1940. This year, about 58 million Americans will receive $821 billion in Social Security benefits. The average monthly benefit for a retired worker in 2013 is $1,262.

An estimated 161 million workers are covered under Social Security - that’s 94 percent of the workforce. Of those, 51 percent of workers have no private pension coverage and 34 percent have no savings set aside specifically for retirement. These and other numbers make it easy to appreciate the value of Social Security.

Nine out of 10 Americans age 65 and older receive Social Security benefits. Among the unmarried, 46 percent rely on Social Security benefits for 90 percent or more of their income.

Retirement benefits are just one of the many benefits Social Security provides. Disabled workers and their dependents account for 19 percent of the total benefits paid, while survivors’ benefits account for 11 percent. One in four of today’s 20-year olds will become disabled before reaching age 67, and the majority of these workers have no long-term disability insurance besides their Social Security coverage. About one in eight of today’s 20-year olds will die before reaching age 67. The dependent families of these deceased workers are often eligible for survivors benefits.

Who’s on first is you. What’s on second is our suite of useful tools and information on all of our benefits, which you can find at www.socialsecurity.gov. And third? We may not know, but in baseball and life, statistics can tell us the odds. Knowing these numbers and visiting Social Security’s website for a little retirement and financial planning can help you know when to swing away at retirement.

Learn more about Social Security by visiting www.socialsecurity.gov.

Brian L. Hewitt is district manager of the Social Security Administration office at 222 Cherry St.

1
Text Only | Photo Reprints
Business
Latest News
TribStar.com Poll
AP Video
Raw: Magnitude-7.2 Earthquake Shakes Mexico City Man Charged in Kansas City Highway Shootings Raw: Students Hurt in Colo. School Bus Crash Deadly Avalanche Sweeps Slopes of Mount Everest Raw: Space X Launches to Space Station Raw: Church Tries for Record With Chalk Jesus Drought Concerns May Hurt Lake Tourism Raw: Faithful Celebrate Good Friday Worldwide Police Arrest Suspect in Highway Shootings Raw: Fire Destroys 3 N.J. Beachfront Homes Anti-semitic Leaflets Posted in Eastern Ukraine Raw: Pope Presides Over Good Friday Mass Obama Awards Navy Football Trophy Captain of Sunken SKorean Ferry Arrested Vermont Goat Meat Gives Refugees Taste of Home Today in History for April 18th Mayor Rob Ford Launches Re-election Campaign Ceremony at MIT Remembers One of Boston's Finest Crew Criticized Over Handling of Ferry Disaster Raw: Massive 7.2 Earthquake Rocks Mexico
NDN Video
Raw: Fire Destroys 3 N.J. Beachfront Homes Raw: Space X Launches to Space Station My name is Cocaine Lohan Gets Candid About Her Sex List The 2014 New York Auto Show Meet Johnny Manziel's New Girlfriend Chelsea Clinton Announces Pregnancy Funny: Celebrating Easter with Martha Stewart and Friends Man Accuses 'X-Men' Director Bryan Singer of Sexually Abusing Him As a Teenager Man hit with $525 federal fine after he doesn't pay for soda refill Lea Michele & Naya Rivera Feuding? Jabari Parker declares for the NBA draft Singing Nun Belts Out Cyndi Lauper New West, Texas Explosion Video Swim Daily, Throwback Thursday Don't Be A Tattletale: Bad Bullying Tips For Students The trillest thoughts on marijuana "RHOA" Star Charged With Battery Grizzly Bears Get Snowy Birthday Party Weatherman draws forecast when another technical glitch strikes WGN
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
  • -

     

    March 12, 2010

activity