New Online Tool Helps Estimate Social Security Benefits

9:30 pm Retirement Planning

social security check e1317761731499 New Online Tool Helps Estimate Social Security BenefitsThe Social Security Administration has finally gone online with earnings and benefits information for taxpayers, which is now available at www.ssa.gov/mystatement/.

To access your information, you’ll first need to register on the site, where you’ll be asked a series of security questions and answer multiple choice questions that make you aware how much the government really knows about you.

Once you register, you’ll be able to view your earnings history, which may be good for a laugh or two as you see what you earned your first few years of employment.  But there’s a serious side to checking this data as well.  If there are some earnings years missing from your record, you could get shortchanged on benefits – or worse, if inaccurate reporting has inflated your earnings, you could get stuck with a bill from Social Security.

The website also calculates your estimated benefits in three ways:  early retirement at 62, full retirement age and benefits if you wait until you turn 70.   You’ll be able to see clearly how waiting impacts your benefits – in most cases, taking early benefits can cost you up to one-third over your lifetime versus waiting until you reach full retirement age.

In determining the best time to take Social Security benefits, other factors carry weight as well, including your health (if you have a serious illness or a family history of short life expectancies, taking benefits early may be best), your marital status (delaying your benefits could boost your monthly income significantly and mean a larger survivor benefit for your spouse) and whether or not you plan to keep working and won’t need your benefits until much later.

An even better source of information is calling our law firm, who can help you with the big picture when it comes to retirement planning, not just one piece of the puzzle.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

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