Jane Yamamoto-Burigsay
Courtesy: Social Security Administration
When most people begin their career, retirement is usually the farthest thing from their mind. Instead, they focus on trying to purchase a home, or to start a family or perhaps to save money to travel. Retirement seems so far away for many young people, so they delay putting money aside. However, it’s very important to save for the future — if you want to enjoy it.
An employer-sponsored retirement plan, also known as a 401(k), can be a useful way to set aside funds for retirement, especially if your employer offers matching funds on what you invest. If you don’t work for an employer that offers this type of plan, there are many other plans designed to help you save for retirement.
From solo 401(k)s to traditional and Roth IRAs, there are programs designed to fit a multitude of budgets. The earlier you start saving, the more funds you will have ready for retirement.
In addition to traditional programs, the U.S. Department of the Treasury now offers a retirement savings option called myRA. There’s no minimum to open the account — you can contribute whatever you can afford, and you can withdraw funds with ease. To learn more about myRA, visit www.myra.gov.
And, as always, there is Social Security, which is funded by taxes you pay while you work. To get estimates of future benefits and check your earnings record for accuracy, you can create a my Social Security account at www.socialsecurity.gov/myaccount.
Prepare for your future and start saving — and planning — today!
SIMPLE STEPS TO PROTECT YOUR IDENTITY
Safeguarding your personal information — whether it’s online, on paper or given out in person — is vitally important. Do not share your personal information, such as your full name, date of birth, mother’s maiden name and your Social Security number, with anyone unless you are certain it is safe. Shred paperwork that includes personal information before tossing it out. And, never reply to emails claiming to be from Social Security and asking for such information. Finally, do not carry your Social Security card or number with you. These tips should help reduce your risk of identity theft.
Identity theft is one of the fastest-growing crimes in America. If you think you have been the victim of an identity thief, contact the Federal Trade Commission immediately at www.ftc.gov/bcp/edu/microsites/idtheft. Or, you can call 1-877-IDTHEFT (1-877-438-4338); TTY 1-866-653-4261.
Learn more about identity theft by reading our publication, Identity Theft And Your Social Security Number, available at www.socialsecurity.gov/pubs. Remember, being the victim of identity theft can be a horrifying experience.
Jane Yamamoto-Burigsay is Social Security’s public affairs specialist in Hawai‘i.
