As Halloween nears next weekend, the most frightening prospect for some adults has nothing to do with ghosts or goblins. Rather, it’s their scary lack of preparation when it comes to retirement planning.

We suggest a new activity: fleshing out your financial skeleton. Here are the rules:

Know what lurks behind the closet door. Or in your file cabinet, as the case may be. Take a look at your Social Security Statement, which comes in the mail every year about two to three months before your birthday, if you are at least 25 years old and not yet receiving benefits or Medicare. The statement provides an estimate of your retirement benefit based on the yearly earnings reported to Social Security. You also can get an immediate and personalized benefit estimate online by using the Retirement Estimator: www.socialsecurity.gov/estimator.

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Add ingredients to your cauldron. Social Security was never intended to be your only source of income when you retire. You also will need other savings, investments, pensions or retirement accounts to make sure you have enough money to live comfortably.  According to financial experts, you will need at least 70 percent of your annual working income when you retire to enjoy a comfortable lifestyle. For the average worker, Social Security provides about 40 percent of it. You have a 30 percent gap to fill, so start throwing spare change in the retirement cauldron now.

Keep an eye out. In addition to checking Your Social Security Statement each year, watch your 401k and IRA account balances grow through compound interest.  Try to continue contributing to your accounts every month.

Follow these rules and watch your financial skeleton pack on the pounds. When retirement rolls around, your fleshed-out retirement plan can keep the financial hobgoblins away and set you up for a comfortable retirement. And when you’re ready to retire, it’s so easy to do it online at www.socialsecurity.gov.

Learn more by visiting our website, www.socialsecurity.gov. Start now and there’ll be no reason to fear retirement.

Social Security Q&A

Q. How many Social Security numbers have been issued since the program started?

A. Social Security celebrated its 74th anniversary Aug. 14. Since numbers were first issued in November 1936, about 442 million numbers have been assigned. Want to learn more about the history of Social Security cards and numbers?  Step back in time with a visit to our history page.  Visit www.socialsecurity.gov/history/ssn/ssncards.html. 

Q. Can a widow receive Social Security benefits on her husband’s record?

A. Yes.  When a person who has worked and paid Social Security taxes dies, certain members of the family may be eligible for survivors benefits. Social Security survivors benefits can be paid to:

• A widow or widower — full benefits at full retirement age, or reduced benefits as early as age 60;

• A disabled widow or widower — as early as age 50;

• A widow or widower at any age if he or she takes care of the deceased’s child who is under age 16 or disabled, and the child gets Social Security benefits;

• Unmarried children under 18 (or up to age 19, if they are attending high school full time);

• Children at any age who were disabled before age 22 and remain disabled; and

• Dependent parents age 62 or older.

Even if you are divorced, you may still qualify for survivors benefits. Benefit calculators are online at www.socialsecurity.gov/planners/benefitcalculators.htm.

Q. How do I qualify for benefits as a divorced spouse?

A. You can receive benefits as a divorced spouse on a former spouse’s Social Security record if you:

• Were married to the former spouse for at least 10 years;

• Are age 62 or older;

• Are unmarried; and

• Are not entitled to a higher Social Security benefit on your own record.

In addition, the former spouse must be eligible to receive his or her own retirement or disability benefit. If the former spouse is eligible for a benefit, but has not yet applied for it, you can still receive a benefit if you meet the eligibility requirements and have been divorced from the former spouse for at least two years. Generally, we won’t continue to pay benefits if you remarry someone other than your former spouse. Determine what your benefit might be at our online Benefit Calculators at www.socialsecurity.gov/planners/benefitcalculators.htm.

Contact Jim Pavletich, public information officer for the Social Security Administration in Phoenix, at James.pavletich@ssa.gov or 1-866-331-4359 ext. 12876.