Unveiling the Planning for Retirement Tool By the Consumers Financial Protection Bureau
Editor's Note: We have shortened Director Cordray's remarks, bolded some text and provided additional links to noted sources.
Time Magazine cover of Frances Perkins, August 14, 1933
Before you claim Social Security, explore the CFPB's Planning for Retirement tool
http://www.consumerfinance.gov/retirement/before-you-claim/
Frances Perkins was named Chairman of the Committee on Economic Security, established by FDR in 1934 to investigate social insurance and report on its findings in 6 months. That report recommended unemployment insurance and old-age insurance, but omitted health insurance only because, in the words of Frances Perkins, "the experts couldn't get through with health insurance in time to make a report on it." After the Report of the Committee, she campaigned for social security until its passage.
A portion of prepared remarks by Richard Cordray; Director, Consumer Financial Protection Bureau
"Millions of Americans are likely to face financial insecurity in their retirement years," said CFPB Director Richard Cordray. "Deciding when to start claiming Social Security benefits is one of the most important financial choices a consumer will make. The CFPB's 'Planning for Retirement' tool can help consumers clearly see their options."
Our Office for Older Americans has done much great work around retirement security. Our team has traveled the country listening to seniors. Based on what we heard, we have issued studies, guides, and advisories to arm older Americans and their caregivers with the information and tools they need to protect themselves and their precious retirement savings. The work that is focused on older Americans is in addition to the tools and resources we are developing for all consumers. For example, for those who feel disempowered by the confusing explanations offered by many financial products, we have created our Ask CFPB tool. This interactive database has over one thousand answers to questions most commonly asked by consumers. When you encounter a particular issue, you can go to Ask CFPB to learn more about it and understand your rights.
Today we are adding to this set of tools and resources with Planning for Retirement, which is an interactive, online tool designed to help people as they decide when to claim their Social Security benefits. The tool, built in collaboration with the Social Security Administration, gives consumers the information and confidence they need to make a well-informed choice when it comes to deciding at what age they should elect to begin taking their payments. Millions of Americans are likely to face some amount of financial insecurity in their lengthening retirement years. To a consumer, when to start claiming Social Security payments is one of the key decisions they can make about their retirement. Because this is a one-time choice, it is imperative that consumers can properly weigh their options with all the relevant information and factors in mind.
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