Despite all the complaining they do about how Social Security costs too much and may not be there when they need it, most workers have no idea how much they'll get when they retire.
It's possible to find out by sending a form to the Social Security Administration. But, as Scripps Howard News Service reported the other day, fewer than 3 percent of workers do that each year.This situation will change in 1995 when all workers 60 and older receive a statement reviewing their earnings and telling them how much they can expect in retirement benefits. Similar statements will be sent to all workers 25 and over starting in 2000.
The notification plan makes sense - not only because it enables workers to correct errors in their earnings history, but because it promotes financial planning.
Some economists argue that giving workers such information will create a false sense of security. More likely, it will encourage them to save when they discover how modest their benefits will be.