According to Vibes.okdiario Social Security retirement benefits can supplement your savings, investments, and pensions, but if you depend on them as a primary source of income in retirement, it’s important to understand how to maximize your payments. For instance, if you wait until age 70 to begin receiving your benefits, you can earn a delayed retirement credit, increasing your monthly payments by up to 24%.
But how can you find out an estimate of your future Social Security payments? The good news is, you can easily do this for free, online.
How to Get Your Social Security Payment Estimate
The Social Security Administration (SSA) encourages individuals nearing retirement to check their benefits estimate. The process is simple and accessible through the SSA’s online tool, which can be found here: Social Security Benefits Estimate Tool.
To access your estimate, you will need to log into your my Social Security account. Once logged in, you’ll be able to see your personalized payment estimate. This estimate is not limited to retirement benefits; you can also get an estimate for Social Security Disability Insurance (SSDI) if you qualify due to a disability and have earned enough work credits. Additionally, the tool allows you to adjust the timing of your retirement to see how it could affect your benefits.
Also Read – Social Security Payments: SSDI Checks of $2,826 for Families Starting January 2024
Download Your Social Security Statement
Another way to access detailed information about your future payments is by downloading your Social Security Statement. This is another free tool provided by the SSA.
By downloading your statement, you will see personalized monthly benefit estimates at different retirement ages (62 to 70). This allows you to compare and determine the age that is best for you to begin receiving benefits. In addition to retirement benefits, your statement will include important information about disability benefits, Medicare, survivor benefits, and your earnings history.
Access your Social Security Statement as soon as possible to get a clearer picture of your future retirement payments. It’s an essential resource for planning your financial future.
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