April is Social Security Month
As we delve into the essence of Social Security Month, it’s a time to reflect on its enduring legacy, educate ourselves and our communities, and engage in meaningful dialogue about its future.
“We recognize the pivotal role of Social Security in the financial planning landscape,” says Daniel Lerner, Executive Vice President of Investments at David Lerner Associates. “From initiatives designed to assist you throughout life’s journey to services aimed at empowering you, Social Security plays a vital role. It is an important piece of your family’s security today and in the future, with systems in place to safeguard what matters most.”
When is Social Security Month 2024?
Mark your calendars for April 1-30, 2024, designated as Social Security Month. This period shines a spotlight on the importance of Social Security, encouraging a nationwide conversation on securing one’s financial future through informed planning and education.
History of Social Security Month
The inception of Social Security Month traces back to the 1935 enactment of the Social Security Act, a landmark piece of legislation designed to provide economic security to American workers and their families.
President Franklin D. Roosevelt envisioned social insurance as a solution to the ongoing economic security issue for older people, establishing a contributory system tied to employment. In this framework, workers would secure their financial future by paying taxes during their working years.
Nearly 68 million Americans receive a Social Security benefit each month, with the annual total exceeding $1.5T in benefits distributed. This accounts for 30 percent of the income for older people.
Over the decades, Social Security Month has evolved into a dedicated time for raising awareness about the program’s benefits, its critical role in retirement planning, and the importance of early and informed participation.
Who Gets Involved in Social Security Month?
Social Security Month is a collective endeavor involving a broad spectrum of participants, from government agencies to private financial institutions, non-profits, educators, and the public. It’s a time when financial advisors, retirement planners, and educators come together to share knowledge, resources, and insights on navigating the complexities of Social Security benefits. Individuals from all walks of life are encouraged to engage, learn, and plan for their financial future.
Social Security Month Participation Ideas
- Create a My Social Security account to review your earnings record, verify your eligibility for retirement benefits, and view future benefits estimates. At the same time, you’re still employed or oversee your monthly benefits after commencement.
- Learn About Other Benefits: Beyond retirement benefits; Social Security also disburses various other types of support, including payments to workers with disabilities who fulfill medical and insurance criteria.
- Educational Workshops and Seminars: Attend workshops focusing on various aspects of Social Security, including eligibility, benefits calculation, and strategies for maximizing benefits.
- Webinars and Online Resources: Accessible education on Social Security can be found online. These resources can demystify the program for younger generations and encourage proactive planning.
- Community Outreach Programs: Check to see if your local community centers and organizations provide valuable information on Social Security benefits.
Conclusion
Whether you’re retired, preparing for retirement, living with a disability, or managing a business, Social Security Month is a vital reminder of the significance of planning, awareness, and education in achieving financial security.
As we observe this month, let us commit to deepening our understanding, engaging in meaningful discussions, and taking proactive steps toward securing our financial future.
At David Lerner Associates, we stand ready to guide and support you in navigating the complexities of Social Security and ensuring that this fundamental pillar of retirement planning is solidly in place for your future.
Contact your investment counselor if you have questions about Social Security and retirement.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.