YOUR SOCIAL SECURITY

YOUR SOCIAL SECURITY

Remember the old saying that "time is money?" It has gained a new meaning in the Internet Age, where just a few hours on your computer could help put you on the path to a more financially comfortable retirement.

Recent reports show that among Americans who are beginning to plan for their retirement years, people who rely on financial planning tools, such as retirement calculators, usually end up better off financially than those who do not take advantage of these tools.

Of course, the best place to begin any retirement calculation is by knowing what you may expect to receive from Social Security and how much more you will need to enjoy a long and comfortable retirement. Each year, every worker age 25 and older is mailed a Social Security Statement. Read it carefully, because it is a roadmap to your personal financial future. It shows how much you and your family can expect to receive from Social Security when you retire, or if you become disabled or die.

In addition, you should also visit Social Security's financial planning Web site at www.socialsecurity.gov/planners . You can use the calculators there to test different retirement ages or different scenarios for future earnings amounts. And you can link to a non-Social Security worksheet that will help you decide how much you need to save and invest for a comfortable retirement.

Most financial advisors say you will need about 70 percent of your pre-retirement earnings to maintain your standard of living comfortably. Under current law, if you have average earnings, your Social Security retirement benefits will replace only about 40 percent, so you will need to supplement your benefits with a pension, savings or investments.

When planning for your financial future, make use of the financial planning tools that are now available to almost all American on the Internet. ANd one ofd the best places to begin is at www.socialsecurity.gov .

Mr. Brown is District Manager of the Social Security Administration's Downtown New York Office.