Any strengthening of Social Security must maintain America's hard-won fiscal discipline. In his State of the Union address, the President proposed historic changes to the Social Security program to ensure the solvency of Social Security through the middle of the next century. Invest a portion of the transferred surpluses, about 20 - 25 percent, in the private sector to achieve higher returns for Social Security. The President said these actions would keep Social Security solvent until 2055. However, he called for a bipartisan effort to take further action to ensure the system's solvency for at least 75 years.
Workers can expect to receive their Statement each year about three months before their birth month.
For example, a person born in February can expect to receive his or her statement in November. The 4-page Social Security Statement can help people better understand the Social Security program and its benefits while providing a valuable financial planning tool. The Statement also provides an estimate of retirement, survivors, and disability benefits employees and their families may be eligible for now and in the future. By using the benefit estimates, individuals can plan for their financial needs when they retire, if they become disabled or die and leave survivors. Services and assistance are available from Social Security that will help you meet your reporting requirements.