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How To Find My Social Security Amount

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Your Monthly Social Security Benefits Increase The Longer You Wait To Claim

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You can collect Social Security benefits as soon as you turn 62, but taking benefits before your full retirement age means a permanent reduction in your payments of as much as 25% to 30%, depending on your full retirement age.

If you wait until you hit full retirement age to claim Social Security benefits, youll receive 100% of your earned benefits. But you can also get a big bonus by waiting to claim your Social Security benefits at age 70 your monthly Social Security benefit will grow by 8% a year until then. Any cost-of-living adjustments will be included, too, so you don’t forgo those by waiting.

Waiting to claim your Social Security benefits can help your heirs as well. By waiting to take her benefit, a high-earning wife, for example, can ensure that her low-earning husband will receive a much higher survivor benefit in the event she dies before him. That extra income of up to 32% could make a big difference.

How To Calculate Your Social Security Benefits: A Step

Its important for you to have a clear understanding of the process used to calculate your Social Security benefits. If you understand this calculation, you may be able to spot mistakes and fix them before its too late.

Like anything with Social Security, the rules can seem complex at first. But once you get under the surface, they are actually pretty easy to understand. To help you, I distilled the several pages of calculation rules down into four easy-to-understand steps.

How Can I Get A Social Security Statement That Shows A Record Of My Earnings And An Estimate Of My Future Benefits

You can get your personal Social Security Statement online by using your mySocial Security account. If you dont yet have an account, you can easily create one. Your online Statement gives you secure and convenient access to your earnings records. It also shows estimates for retirement, disability and survivors benefits you and your family may be eligible for. To set up or use your account to get your online Social Security Statement, go to . We also mail paper Statements to workers age 60 and older three months before their birthday if they dont receive Social Security benefits and dont yet have a mySocial Security account. Workers who dont want to wait for their scheduled mailing can request their Social Security Statement by following these instructions. The Statement will arrive by mail in four to six weeks.

Important Information:

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Four Ways Benefits Can Be Increased Or Decreased

There are four ways the starting benefit can be permanently increased or reduced from the PIA calculated at age 62:

  • Starting benefits earlyBenefits may begin as soon as age 62, but they are permanently reduced for every month between the onset of benefits and FRA.
  • Delaying benefits beyond full retirement ageDelayed retirement credits can permanently increase benefits, and they are awarded for every month between FRA and a later onset of benefits.
  • Starting early and continuing to workIf you start benefits before your FRA and keep working, the SSA may deduct the part of your benefits that exceeds a threshold. However, any such deductions are not permanent. When you reach your FRA, the SSA recalculates your benefits and credits back any deductions.
  • Continuing to work, periodEven if you dont start benefits early, you can increase your benefits by continuing to work up to any age. Any year in which your indexed earnings are higher than one of your 35 previous highest years will boost your benefits. However, after age 60, you will not receive wage indexing, and after age 62, you will not receive bend point inflation indexing.

All four points are related to your starting Social Security benefits. Keep in mind that when your benefits start, the COLA will increase them annually. If you start benefits at age 66, your PIA automatically increases with the applicable COLAs from the years in which you turn 63 through 66.

Checklist For Your Social Security Claiming Strategy

How to find my social security number online for free
  • Know your numbers. Find out your FRA, earnings history, and estimated benefits.
  • Stay current. Sign up for your most current statements on SSA.gov.
  • Do the math. Use calculators on SSA.gov to check out your monthly benefit options.
  • Get the facts. Dont succumb to myths use primary resources such as SSA.gov.

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The Easiest Way To Find Out How Much Social Security Will I Get

Even if you arent of retirement age, you can plan for retirement now. Workers age 18 and older can also go online, create a personal account, and review their Social Security Statement. Go to www.ssa.gov/myaccount to review your Statement to ensure your earnings record is correct. This is how your benefits are computed.

Estimate Your Benefits

Knowing what you will get every month in retirement benefits will help you plan for your retirement. The Retirement Calculator within my Social Security allows you to get personalized retirement benefits estimates based on your actual earnings. This makes it easy to see how changes in the date or age at which you begin receiving retirement benefits will affect your future income.

If you do not want to create a my Social Security account

Social Security Calculators page

Why Your 59% Cola Might Not Go Far

The Social Security COLA is tied to inflation.

The annual increase is meant to offset the rising cost of everyday essentials like food, housing and gas.

Yet Social Security COLAs have historically lagged behind inflation including this year.

The Consumer Price Index, a government measure for the change in prices over time, hit 6.2% in October so the 5.9% COLA already falls short.

Higher Medicare costs in 2022 will likely erode the new Social Security adjustment even further.

Most Medicare beneficiaries have their monthly Part B premium automatically deducted from their Social Security checks.

On Nov. 12, the Centers for Medicare & Medicaid Services announced that Part B premiums are increasing by $21.60 a month in 2022 the biggest one-year increase in Medicare history.

Medicare beneficiaries are also facing higher Part A and Part B deductibles next year.

Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.

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Claiming Social Security Benefits At The Right Time Means More Money In Your Pocket Heres A Guide To Everything From Knowing Your Full Retirement Age To Taking Social Security Spousal Benefits

For many Americans, Social Security benefits are the bedrock of retirement income. Maximizing that stream of income is critical to funding your retirement dreams.

The rules for claiming Social Security benefits can be complex, but this guide will help you wade through the details. By educating yourself about Social Security, you can ensure that you claim the maximum amount to which you are entitled.

Here are 12 essential details you need to know.

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How To Calculate Social Security Benefits In Excel

How to Calculate Your Social Security Benefits

If you are in your late 50s and approaching retirement, you can create a useful model of your future benefits. It works best to do this in a Microsoft Excel spreadsheet, as follows:

  • Using a recent Social Security statement, list in spreadsheet column A your taxable Social Security earnings year by year.
  • List in column B the most recently published NAWI adjustment factors as published by the SSA.
  • Multiply columns A and B and output the result to column C.
  • Identify in column D the 35 highest values in column C. Add these together and divide the sum by 420 . This will approximate your AIME.
  • Use the most recently published bend points to convert your AIME into a PIA.

You also can fill in hypothetical values for estimated taxable Social Security earnings in future years until you plan to stop working. To be conservative, use a NAWI adjustment factor of 1.0 in column B for all future years.

A financial advisor who fully understands this process can be helpful in verifying your calculations, advising you on when to start Social Security benefits, and estimating the future benefits you can expect to receive.

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People Enrolled In Both Social Security And Medicare Have Their Premiums Automatically Deducted From Their Monthly Check

If you receive Medicare health insurance benefits and Social Security retirement benefits at the same time, you can have your Medicare premiums automatically deducted from your Social Security check each month. This can save a lot of time and energy, as you wont have to worry about paying your premiums manually. This option is available for every part of Medicare, including private plans like Medicare Advantage and Medicare Part D.

This article explains everything you need to know to understand how much will be deducted from your Social Security benefits.

Lost Or Stolen Federal Payments

Report your lost, missing, or stolen federal check to the agency that issued the payment. It’s usually one of these paying agencies. If your documentation indicates it’s a different agency, and you need its contact information, look in the A-Z Index of U.S. Government Departments and Agencies.

To get an update on your claim, contact the Treasury Department Philadelphia Financial Center at 1-855-868-0151, option 1.

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How Cola Increases Evolved Over Time

Each year, the SSA announces any increases to Social Security benefits, known as COLA, to help recipients keep up with rising prices. The increases are tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers , which is the official measure of the monthly price change in goods and services. Annually, the SSA compares the CPI-W for the third quarter of the previous year and current year to determine the COLA increase.

While COLA adjustments are now automatic, this was not always the case. Beneficiaries received their first COLA adjustment in October 1950. A second increase was made in September 1952 through legislation. For the next 20 years, recipients only saw their benefits increase if Congress approved it.

In 1972, Congress passed legislation to provide automatic increases linked to a rise in consumer prices. Recipients would no longer have to wait for Congress to take action to receive an increase. The first automatic increases to Social Security benefits took effect in 1975. After 1982, COLA adjustments were effective for December of each year and received by beneficiaries in January.

Here is a history of COLA increases from 1975 to 2021:

Social Security Cost-Of-Living Adjustments

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How Do I Know If I Will Have Money Taken Out Of My Social Security Check

How to find my social security number in the USA

If you receive Social Security retirement benefits, your Medicare benefits will be deducted automatically. This means that you do not have to do anything to make this happen it will be automatic when you enroll in Medicare.

If you sign up for Original Medicare during your Initial Enrollment Period and already receive Social Security retirement benefits, you should not expect to receive a bill for your premiums. Instead, your Social Security benefit will be smaller, since the money is taken from there.

If you want to find out for sure whether this applies to you, your best bet is to contact the Social Security Administration . They will look up your current status to determine whether payments will be taken out automatically.

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Do You Have A Security Freeze Or Fraud Alert On Your Credit Report

If you have a security freeze, fraud alert, or both on your credit report, you can still open a mySocial Security account by temporarily lifting it.

  • Contact our Identity Services Provider and request that they temporarily lift your security freeze or fraud alert.
  • Create a mySocial Security account online after lifting the security freeze or fraud alert.
  • Reinstate the security freeze or fraud alert with the Identity Services Provider if needed. When you request a temporary lift of your credit freeze or fraud alert, the Identity Services Provider may automatically reinstate it after your temporary lift expires.
  • If you dont want to temporarily lift your security freeze or fraud alert, you can visit your local Social Security office to open an account in person. For more information on security freezes and fraud alerts, read the Federal Trade Commissions .

    When Should I Take Social Security To Maximize My Benefits

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    How To Correct An Error On Your Social Security Statement

    If you have evidence of your covered earnings in the year or years for which you think Social Security has made an error, call Social Security’s helpline at 800-772-1213, Monday through Friday, from 7 a.m. to 7 p.m. This is the line that takes all kinds of Social Security questions, and it is often swamped, so be patient. It is best to call early in the morning or late in the afternoon, late in the week, or late in the month. Have all your documents handy when you speak with a representative.

    If you would rather speak with someone in person, call your local Social Security office and make an appointment to see someone there, or drop into the office during regular business hours. If you drop in, be prepared to wait, perhaps as long as an hour or two, before you get to see a representative. Bring with you two copies of your benefits statement and the evidence that supports your claim of higher income. That way, you can leave one copy with the Social Security worker. Write down the name of the person with whom you speak so that you can reach the same person when you follow up.

    The process to correct errors is slow. It may take several months to have the changes made in your record. After Social Security confirms that it has corrected your record, request another benefits statement to make sure the correct information made it to your file.

    How To Get A Copy Of Your Social Security Statement

    How to Find a Social Security Number

    The SSA mails out Social Security Statements to follks age 25 and over before their birthdays during their 25, 30, 35, 40, 45, 50, 55, and 60 years. For those age 60 until retirement, the SSA will send out statements every year. You can also go online to get a copy of your statement or view it online. Go to www.ssa.gov/mystatement/ and open an account with Social Security to view your statement.

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    Myth #: Youll Never Get Back All The Money You Put Into The Program

    Everyones situation is different, but if you live a long time, you may collect more than you contributed to the system.

    Due to the complexity of claiming strategies and number of variables involved, the SSA no longer offers a break-even calculator on its website. Social Security is designed to provide a safety net of income for the retired, the disabled, and survivors of deceased insured workers. The contributions you and your employers make during your working years provide:

  • Current retirees and other Social Security recipients with payments
  • A guaranteed lifetime income benefit when you reach retirement
  • While the government does not have a specific account set aside just for you with your FICA contributions , one of the most powerful features of Social Security is that it provides an inflation-protected guaranteed income stream in retirement, ensuring against the risk youll outlive your savings. Even if you live to 100 or more, youll continue to receive income every month. And, if you predecease your spouse, your spouse also receives survivor benefits until their death.

    How Much Are My 2022 Social Security Payments

    The 2021 average monthly benefit for all retired workers was $1,565. A 5.9% increase will raise the average benefit to about $1,657, which is about $100 a month. For disabled workers who receive Social Security benefits, they can expect an average increase of $76 per month.

    The average 2021 monthly benefit for SSI is $794 per month and is expected to increase to $841 for 2022, an increase of $47. About 3 million Americans who receive both Social Security and SSI benefits will also benefit from these changes.

    SSA will notify those who receive Social Security benefits and SSI about their new benefit amounts by mail and online starting in December.

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