Happy New Year from the Social Security Administration and how are you doing on your new year’s resolutions. Many people at this time have already forsaken those dreamed about changes. Many goals at this time of year center around weight loss or health but we'd like to suggest you establish three Social Security related resolutions that can go a long way to planning for your retirement nest egg here in 2008.

Resolution One: Think about retirement. Whether you’re 22 and beginning a career or 62 and thinking about the best time to end one, give some thought to what your retirement plan will be. The earlier you begin your financial planning, the better. Social Security replaces about 40 percent of the average worker’s pre-retirement earnings. Most financial advisors say that you will need 70 percent or more of pre-retirement earnings to live comfortably. Even with a pension, you will still need to save. If you won’t have a private pension, you’ll probably need to save more — and you’ll need to start saving for your retirement sooner. Regardless of your age, it’s never to late to save money whenever possible.

Resolution Two: Plan ahead. The best way to begin planning ahead when it comes to your retirement is by using the free resources provided by Social Security. Did you know that every year, about two to three months before your birthday, workers 25 and older receive a Social Security Statement in the mail? The Statement gives you an estimate, based on current earnings, of what you might expect in Social Security retirement benefits. And by using our online Retirement Planner, you can personalize various financial scenarios to determine what your individual retirement plan should look like. Visit the Retirement Planner at www.socialsecurity.gov/retire2.

Resolution Three: Manage your money. Between now and retirement, you will need to manage your money well. For information that can help you manage your money during every stage of life, visit the U.S. government’s website — www.mymoney.gov — dedicated to teaching Americans the basics about financial education.

Don't let another year slip by! Saving is just like any other habit be it good or bad. Once you do it for awhile, even for a short time, it becomes a part of your lifestyle and you wonder how and why you did it any other way. You will be sorry for the time you lost.

Adding these three resolutions to your list will help you with your financial goals now and in the future — including the goal of an adequate income in retirement.

To learn more, and to help you get started on your Social Security resolutions, visit the Social Security website at www.socialsecurity.gov.

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