NASHVILLE - The "Baby Boomer" generation is aging and looking forward to retirement. Nearly one in six Tennesseans will hit retirement age by 2020. Today's economy is forcing more of them to look to Social Security as a primary source of income, to make up for dwindling retirement accounts.
Karen Miller, with AARP Tennessee, says one-third of retired Tennesseans rely exclusively on Social Security, receiving an average benefit of only $1,000 a month. She suggests that anyone planning for retirement consult the new AARP Social Security Benefits Calculator to educate themselves about the federal program.
"There is a lot of confusion out there right now. We're trying to make sure people have the best information at their fingertips."
The on-line calculator provides users with an immediate estimate of their Social Security benefits, as well as options available to them should they delay their retirement.
With more than 10,000 boomers turning 65 every day for the next 16-plus years, Miller says those who are considering retiring need to educate themselves sooner than later.
"They need to be making decisions now to help themselves prepare for a secure retirement."
The Social Security Calculator is part of AARP's new 10-Step "Ready for Retirement" effort. The new planning tool is available at www.AARP.org. |
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