Know What to Expect From Social Security

Are you busily preparing for retirement? There's a lot of planning involved in this stage of your life, especially where your future sources of income are concerned. Once you retire, Social Security will comprise a portion of your retirement income, along with any pension or other investment income you've established. Now that you're starting to think about the end of your working days, it could be helpful to find out how much money you can expect from Social Security each month.

To estimate your future Social Security benefits, go to: www.ssa.gov/estimator. Before the calculator can estimate your future benefits, you will need to input the following information:
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• your name
• your Social Security number
• date of birth/place of birth
• your mother's maiden name
• your expected age of retirement
• additional information about your future earnings

The Social Security Administration provides this handy online tool so that you can estimate your future monthly benefits. Keep in mind that this estimate is based on your 30 highest-earning years of employment, to date. If you happen to earn significantly more or less than expected in your final working years before retirement, your monthly benefit check may increase or decrease accordingly.

You will receive estimates for projected Social Security benefits depending upon when you retire. The calculator will give you an estimate for each of these situations:

• You retire early at age 62 (the earliest age at which you can file for benefits)
• You wait until your full retirement age to file for benefits (age 65 to 67, depending on your year of birth)
• You continue working until age 70 before claiming your benefits

This information can help you make decisions about when to stop working. But remember that Social Security was never meant to fund your entire cost of living in retirement. If you’re disappointed in your estimated benefits, you may need to reevaluate either your lifestyle expectations or your retirement date. You may choose to make extra catch-up contributions to your retirement plan, pay down your debts, or make other provisions to ensure an adequate retirement income. Talk to your financial professional about your estimated Social Security benefits, so that you can formulate a solid plan for your financial future.

This information has been provided by a Licensed Insurance Professional and is not sponsored or endorsed by the Social Security Administration or any government agency. 

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