A Social Security personal account is an excellent retirement planning tool. Current and future social security benefits recipients can use their accounts to plan, execute, and monitor their financial future.
The average Social Security benefit in 2021 is $1,543 a month, which is based on your lifetime earnings in wages which you paid Social Security taxes. The maximum you can get is $3,148 a month.
Social Security benefits are set to increase 5.99% for 2022, which is 4.6% higher than the Cost-of-living adjustment (COLA) that the Social Security Administration made in 2021.
You can register and create a personal account on the Social Security website to check your earnings record, view your Social Security statement, get estimates on your future benefits, and much more.
If you are a current Social Security recipient, you can replace documents, get proof of benefits, and change bank information.
Get Estimates on Your Future Benefits
A Social Security personal account is an excellent tool that you and your financial advisor can use during the retirement needs analysis session.
Your projected retirement age, income, and life expectancy will all make a difference in how you approach your holistic financial planning today. Once you figure out how much money you can get from Social Security benefits, you might decide to contribute more towards your employer-sponsored retirement accounts and others.
Should you pay for the house before retirement? The answer to that vital question can be different for a retiree who expects to receive the maximum Social Security benefits versus someone who might get the average.
The Social Security Administration used to mail out annual statements to all workers. They only send them out to people ages 60 and up now, so register and create an online account is the only way for people ages below 60 to get estimates on future benefits.
To be eligible for social security benefits as a worker, you must be:
- Age 62 or older, or disable or blind; and
- insured by having enough work credits
- At least 40 work credits needed
Register and create your Social Security personal account
https://www.ssa.gov/myaccount/
If you have Social Security questions, you can call them 1-800-772-1213
