Sec. 106. Retirement handbook and retirement readiness checklist
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Section 704 of the Social Security Act is amended by adding at the end the following new subsection: The Commissioner, in consultation with the Social Security Advisory Board, shall prepare— the financial reference handbook described in paragraph (2), and the retirement readiness checklist described in paragraph (3). The handbook described in this paragraph is a pamphlet which— includes definitions of basic financial terms, contains a listing of financial issues and problems facing individuals who are retiring and explanations of methods of dealing with the issues and problems, and is in a form readily understandable by the average retiree.
The checklist described in this paragraph is a list of questions that individuals need to consider in preparation for retirement, including the following: What annual income will the individual need in retirement? How many years will the individual live in retirement? What will be the cost of Medicare premiums? What will be the cost of insurance necessary to supplement Medicare? How will savings be invested in retirement? How will taxes affect your retirement income? The checklist will include answers to the questions or directions as to where information is available to answer the questions.
All information shall be in a form readily understandable to the average recipient of the checklist. The Commissioner shall periodically revise and update the handbook and checklist prepared under this subsection. The financial reference handbook described in paragraph
(2)shall be included with materials provided to an individual when the individual first applies for benefits under title II and such other times as the Commissioner determines appropriate. The retirement readiness checklist described in paragraph
(3)shall be included with an individual’s annual social security account statement provided under section 1143. . The amendment made by this section shall take effect on the date of the enactment of this Act, but the handbooks and checklists required to be provided by such amendment shall be provided on or after January 1, 2014 (or such earlier date as the Commissioner of Social Security may provide).