Burke: Social Security celebrates more than eight decades

Social Security turns 84 this year. With more than eight decades of service, we’ve provided benefits to one of the most diverse populations in history. Regardless of background, we cover retirees, wounded warriors, chronically ill children, and people who have lost loved ones.

Knowing that we cover so many different people, we’ve created People Like Me web pages that speak to specific audiences. Sharing these pages could make a positive impact on someone’s life. Here are a few that might speak to you.

Do you know someone who needs to start saving for retirement? No matter where they are in their careers, Social Security can help. It’s never too late to start planning. We offer two pages, one for people early in their career at socialsecurity.gov/people/earlycareer and one for people who have been working for a while, socialsecurity.gov/people/midcareer.

Social Security plays an important role in providing economic security for women. Nearly 55 percent of the people receiving Social Security benefits are women. Women face greater economic challenges in retirement. First, women tend to live longer than men do, so they are more likely to exhaust their retirement savings. A woman who is 65 years old today can expect to live, on average, until about 87, while a 65-year-old man can expect to live, on average, until about 84. Second, women often have lower lifetime earnings than men, which usually means they receive lower benefits. And, third, women may reach retirement with smaller pensions and other assets than men. Share this page with someone who needs this information and may need help planning.

We proudly serve wounded warriors and veterans. They endure sacrifices to preserve the freedoms Americans treasure. Many of them do not know they might be entitled to benefits. Share our resources with them to make sure they are getting the benefits they deserve. www.socialsecurity.gov/people/veterans.

If you didn’t see a page that is important to you here, check out our general People Like Me page at socialsecurity.gov/people.

Some of the terms and acronyms (an abbreviation of the first letters of words in a phrase) people use when they talk about Social Security can be a little confusing. We’re here to help you understand all you need to know. Social Security employees strive to explain benefits using easy-to-understand, plain language. In fact, The Plain Writing Act of 2010 requires federal agencies to communicate clearly in a way “the public can understand and use.”

If a technical term or acronym that you don’t know slips into the conversation or appears in written material, you can easily find the meaning in our online glossary at socialsecurity.gov/agency/glossary.

Social Security’s acronyms function as verbal shorthand in your financial planning conversations. If you’re nearing retirement, you may want to know what PIA (primary insurance amount), FRA (full retirement age), and DRCs (delayed retirement credits) mean. These terms involve your benefit amount based on when you decide to take it.

If you take your retirement benefit at FRA, you’ll receive the full PIA (amount payable for a retired worker who starts benefits at full retirement age). So, FRA is an age and PIA is an amount.

Once you receive benefits, you get a COLA most years. But don’t expect a fizzy drink — a COLA is a Cost of Living Adjustment, and that will usually mean a little extra money in your monthly payment.

What about DRCs? Delayed retirement credits are the incremental increases added to the PIA if you delay taking retirement benefits beyond your full retirement age. If you wait to begin benefits beyond FRA — say, at age 68 or even 70 — your benefit increases.

If one of those unknown terms or acronyms comes up in conversation, you can be the one to supply the definition using our online glossary. Sometimes learning the terminology can deepen your understanding of how Social Security works for you. Discover and share more at socialsecurity.gov.

Chris Burke is a Social Security district manager based in Glendale.