Do you know how much your monthly Social Security check will be when you retire?
The Social Security Administration used to mail annual paper statements, but now you will receive a social security statement if you are over 60, not receiving benefits, and have not established an online account. The social security statement is typically mailed three months before your birthday.
You can, however, check your future social security benefits any time online by registering at my Social Security. More than 30 million people have created online Social Security accounts since they became available in 2012. If you want to learn how to check your social security benefits, our team of experience financial advisors can help.
Here is the link to my Social Security where you can create your account to check your social security retirement money. To establish a social security account, you must provide some personal information about yourself including answers to certain questions that only you are likely to know. For security purposes, our team can only provide limited support in the account creation process, however you can contact the Social Security Administration directly if you have any troubles creating your access.
Once your account is set up, you’ll be able to see an estimate of what your monthly Social Security benefit will be at:
U.S. citizens don’t have one standard full retirement age. The Full Retirement Age (FRA) for Baby Boomers born between 1943 and 1954 is 66. For individuals born from 1955 through 1959, FRA increases by two months every year. For everyone born in 1960 and later, FRA is 67.
Individuals can typically receive their full social security retirement benefit, called the Primary Insurance Amount, at their FRA. Individuals can claim their Social Security retirement or spousal benefit as early as age 62, however the monthly benefit may be permanently reduced by as much as 30% depending on your FRA and how early you file. Delaying your benefit beyond your FRA can increase your monthly benefit by as much as 8% per year until age 70, when the maximum Delayed Retirement Credit has accrued.
The “File and Suspend” strategy is no longer allowed, however people born on or before January 1, 1954, may be able to use the Restricted Application strategy to optimize their overall benefit by claiming one benefit and later switching to another social security retirement benefit.
You will see your entire yearly earnings record when you view your online account. It’s important that you check the earnings figures to make sure they are correct.
The Social Security Administration (SSA) calculates your federal benefits based on your earnings during the 35 yearsopens PDF file when you earned the most.
In making its calculation, the SSA assumes that you will continue to earn your current salary until retirement when calculating your social security payment. If your earnings change, your benefit may too.
Once you’ve begun receiving Social Security payments, you can use your online account to change your address, establish and change your direct deposit, and update your personal information. Do you have more social security questions? If so, our team is here to help. Contact a Dowling & Yahnke advisor to plan your financial future today.