FDIC Highlights National Retirement Security Month With Focus on Social Security Planning Tools

The FDIC is marking October as National Retirement Security Month by encouraging Americans to create and use "my Social Security" accounts through the Social Security Administration's online portal.

The agency says the accounts allow individuals to review their earnings history, estimate future benefits, and plan for retirement with more accurate information. FDIC officials said many Americans underestimate their future Social Security income or fail to check their records for errors that could reduce their benefits.

The FDIC is also promoting its Money Smart financial education program, which has been updated to align with the 2026 National Strategy for Financial Literacy released by the Treasury Department earlier this month. The program offers free resources for educators, community organizations, and financial institutions to teach budgeting, saving, and retirement planning.

Research cited by the FDIC found that financial education is strongly linked to positive behaviors, including effective debt management, regular saving, and greater confidence about retirement. The agency noted that many Americans, particularly those in lower-income brackets, lack access to employer-sponsored retirement plans and rely more heavily on Social Security as their primary income source in retirement.

The Social Security Administration announced a 3.6 percent Cost-of-Living Adjustment for 2027, adding approximately $75 per month to the average recipient's check starting in January. The FDIC said this makes it an especially important time for workers to understand how their future benefits are calculated and what steps they can take now to maximize them.

The agency encouraged workers of all ages to review their Social Security statements at least once a year and to consult a financial advisor if they have questions about retirement income strategies.