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How To Find Out What My Social Security Benefits Are

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Earn Ssa Work Credits In Some Countries

How to Calculate Your Social Security Benefits

You may not have enough credits from your work in the United States to qualify for retirement benefits. But, you may be able to count your work credits from another country. The SSA has agreements with 24 countries. If you earned credits in one of those countries, they can help you qualify for U.S. benefits.

Who Is Eligible To Collect Social Security Retirement Benefits

Workers who are at least age 62 and who have worked at least 10 combined years at jobs for which they paid Social Security taxes are eligible for Social Security retirement benefits. In many cases, spouses, widows and divorcees are eligible for Social Security retirement benefits based on a spouses or ex-spouses earnings history. Unmarried children 18 and younger can also get survivors benefits. You must be a U.S. citizen or lawful alien to collect benefits.

When A Spouse Dies

When one spouse dies, the surviving spouse is entitled to receive the higher of their own benefit or their deceased spouses benefit. Thats why financial planners often advise the higher-earning spouse to delay claiming. If the higher-earning spouse dies first, then the surviving, lower-earning spouse will receive a larger Social Security check for life.

When the surviving spouse hasnt reached their FRA, they will be entitled to prorated amounts starting at age 60. Once at their FRA, the surviving spouse is entitled to 100% of the deceased spouses benefit or their own benefit, whichever is higher.

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How Does The Social Security Administration Calculate Benefits

Benefits also depend on how much money youâve earned in life. The Social Security Administration takes your highest-earning 35 years of covered wages and averages them, indexing for inflation. They give you a big fat âzeroâ for each year you donât have earnings, so people who worked for fewer than 35 years may see lower benefits.

The Social Security Administration also makes annual Cost of Living Adjustments, even as you collect benefits. That means the retirement income you collect from Social Security has built-in protection against inflation. For many people, Social Security is the only form of retirement income they have that is directly linked to inflation. Itâs a big perk that doesnât get a lot of attention.

Calculate My Social Security Income

How to Calculate Social Security Benefits: 13 Steps

These days thereâs a lot of doom and gloom about Social Securityâs solvency – or lack thereof. And regardless of whether you think Social Securityâs future is secure, the fact remains that you shouldnât plan on living exclusively off your Social Security benefits. After all, Social Security wasnât designed to make up a retireeâs entire income.

Still, many people do find themselves in the position of having to live off their Social Security checks. And even if you have other income sources in retirement, Social Security can make up a significant part of your retirement income plan. That’s why itâs important to know all the rules surrounding eligibility, benefit amounts, taxation and more.

Do you need help managing your retirement savings? To find a financial advisor near you, try our free online matching tool.

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Aarps Social Security Benefits Calculator

The AARPs Social Security Benefits calculator can help you determine how much your monthly benefit will be, depending on when you begin to claim your benefits. It will also take into account the living expenses of the average retiree. The calculator also allows you to input income for yourself and your spouse. It also shows how much you can expect to receive in retirement.

The calculator is best suited for individuals, though married couples with only one worker need to use it twice. The calculator will round up your full retirement age to the nearest whole year. However, there are some years with more specific retirement ages. Therefore, you may need to use more than one tool to determine the amount of your benefit. If you plan to claim your benefits with your spouse, you should visit AARPs website.

The Social Security Administrations online Social Security Benefits Calculator is another option. This tool helps you calculate your monthly Social Security benefits based on your earning history. The closer you are to retirement, the more accurate the calculation is based on average earnings for men and women. However, the calculator isnt perfect, so use it cautiously.

How To Value Your Benefits

Suppose you’ll receive $1,500 a month from Social Security beginning at age 66. Each year, that $1,500 a month can be expected to go up a little if the cost of living measured by the consumer price index increases.

Now, suppose you’ll live another 20 years. How much is that income stream worth?

You can answer that question by taking the present value of that stream of cash flow. To pay yourself $1,500 a month increasing at 2% a year for 20 years, you’d need $263,977 in the bank earning a 5% annual rate of return. You’d need $348,535 if you live for 30 years.

And if you assume that you’re using safe investments, earning 2% instead of a portfolio earning 5%the same rate of assumed inflation at which your income increases each yearyou would then need $352,941 in the bank for the income to last 20 years. You’d need $529,411 for it to last 30 years.

A $1,500 per month, your Social Security benefit is worth hundreds of thousands of dollars at a minimum, and that doesn’t factor in ancillary benefits like spousal benefits or survivor benefits.

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What Is A Social Security Card

Your Social Security card is an important piece of identification. You’ll need one to get a job, collect Social Security, or receive other government benefits.

When you apply for a Social Security number , the Social Security Administration will assign you a nine-digit number. This is the same number that is printed on the Social Security card that SSA will issue you. If you change your name, you will need to get a corrected card.

When Is It Worthwhile To Continue Working While On Social Security For Higher Benefits

How To Find Out EARLY What You Will Get In Social Security, SSI, SSDI Benefits in 2022!

In the end, whether or how beneficial it is to continue to work while on Social Security in order to generate higher Social Security benefits in the future depends heavily on two factors: what income replacement tier the Social Security recipient will be in and what the existing earnings history already was . Similar to the consequences of retiring early , the consequences vary depending on where the individual is in the AIME calculation.

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Eligibility Requirements For Divorced Spouses

Before knowing the answer to the question, how much social security does an ex-spouse get? it is vital to know the social security spousal eligibility. Collecting spouse social security does not come on a platter of gold.

Since there might be a chance for ex-spouses to receive spousal social security, many people try to know their social security spousal eligibility. So, to answer the question, Can a divorced woman collect her ex-husbands social security? or Am I entitled to my ex-spouses social security? Yes, only if you meet the following social security spousal eligibility criteria:

  • your ex-partner is eligible for social security benefits or unemployed benefits
  • your marriage was at least ten years
  • youre at least 62 years
  • you are not married
  • Your work record benefit is lower than your exs record benefits.

Suppose your ex-husband hasnt applied for the social security benefits but is eligible and is up to 62 years or older, you can receive the social security benefits after divorce from him.

Remember that the divorce must be at least two years, and you must meet all of the requirements above. The earliest time to apply for spousal social security is three months before your 62nd birthday, and you can do so online on your My Social Security account.

How To Calculate Social Security Benefits

This article was written by Jennifer Mueller, JD. Jennifer Mueller is an in-house legal expert at wikiHow. Jennifer reviews, fact-checks, and evaluates wikiHow’s legal content to ensure thoroughness and accuracy. She received her JD from Indiana University Maurer School of Law in 2006.There are 10 references cited in this article, which can be found at the bottom of the page. This article has been viewed 57,271 times.

Understanding how much you’ll receive each month in Social Security benefits is a big part of retirement planning. The average is around $16,000 a year, but the actual amount you’ll receive depends on how much money you’ve put into the system. The Social Security Administration and other groups have online calculators that can help you estimate your benefits, but to calculate them more exactly you’ll have to calculate your average indexed monthly earnings to find your primary insurance amount. This amount must then be adjusted up or down to account for the age you decide to retire.XResearch source

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Report The Death Of A Social Security Or Medicare Beneficiary

You must report the death of a family member receiving Social Security or Medicare benefits. The Social Security Administration processes death reports for both. Find out how you can report a death and how to cancel benefit payments. In addition to canceling SSA and Medicare benefits, find out what other benefits and accounts you should cancel.

Applying To Delay Your First Payment

Social Security and Index Universal Life Services

If you received a letter from us and want to delay your first payment:

Examples of delaying Old Age Security

Delaying 1 year

Michael turned 65 in July 2019. If he decides to delay receiving the Old Age Security pension for 1 year, his monthly amount will increase by 7.2% to account for the 12-month deferral period from August 2019 to July 2020.

If Michael’s payment amount is $549.89 per month, his increased monthly payment would be $589.48.

Delaying 5 years

Rita will be turning 65 in December 2019. If she decides to delay receiving the Old Age Security pension for the maximum deferral period of 60 months, her monthly amount will increase by 36% at age 70 .

If Rita’s payment amount is $549.89 per month, her increased monthly payment would be $747.85.

Delaying with an earlier start date than the date of application

John could receive his Old Age Security pension in August 2018 and he decided to delay receiving it. In December 2019, John applied for Old Age Security. He writes on his application that he would like his benefit to be effective as of October 2019, 3 months earlier than his application date. His monthly benefit amount will then increase by 8.4% to account for the 14-month period from August 2018 to September 2019. The monthly increase does not apply to the period from October 2019 to December 2019.

If John’s payment amount is $549.89 per month, his increased monthly payment would be $596.08.

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If You’re Not Sure Why You Received A Payment

If you receive a check or direct deposit payment from the Treasury Department and do not know what its for, contact the regional financial center that issued it.

If you received a check, look for the RFCs city and state at the top center. Then contact that RFC to find out which federal agency authorized the payment. It will be one of these:

If you received payment byelectronic funds transfer , or direct deposit, follow the directions under Find Information About a Payment.

Use the Treasury Check Verification System to verify that the check is legitimate and issued by the government.

List Each Year’s Earnings

Your earnings history is shown on your Social Security statement, which you can now obtain online.

In the table below, sample earnings for a hypothetical worker born in 1953 are shown in Column C. Only earnings below a specified annual limit are included. This annual limit of included wages is called the “Contribution and Benefit Base” and is shown as Max Earnings in Column H in the table.

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How To Get A Copy Of Your Social Security Statement

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.

What Income Reduces Social Security Benefits

How much your Social Security benefits will be if you make $30,000, $35,000 or $40,000

If you start taking Social Security benefits before you reach full retirement age, any income you earn over the annual limit until you reach full retirement age will lower your benefit eligibility for that year. In 2021, if you are retired and haven’t reached full retirement age, the SSA will deduct $1 from your benefits for every $2 earned over $18,960. In the year you reach full retirement age, the SSA will deduct $1 for every $3 earned over $50,520. For the 2022 tax year, these thresholds are slightly higher, at $19,560 and $51,960, respectively.

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What Does Aarps Social Security Benefits Calculator Do

The calculator provides an estimate of your Social Security benefits, based on your earnings history and age. Our tool also helps you see what percentage of daily expenses your payments can cover, and how you can increase your benefits by waiting to collect. It can also tell you how your retirement earnings will be affected if you keep working after you claim your Social Security benefit.

Maximum Social Security Benefits You Can Get

The maximum monthly Social Security benefit available to someone retiring in 2021 is $3,895, which assumes that:

  • They worked 35 years or more
  • In their 35 top-earning years, their income met or exceeded the SSA’s maximum taxable amount, so that they paid the largest Social Security tax amount possible for each of those years
  • They are retiring at age 70, which entitles them to the maximum delayed retirement credit

For comparison, the table below lists the monthly benefits for workers who plan to retire in 2021 whose earnings met or exceeded the SSA maximum-taxable limit every year of their working lives, from age 22. This situation is far from typical, but it shows the impact of retirement age on Social Security benefits, isolated from other factors.

Maximum Social Security Benefit for Workers Retiring in 2021
Age

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Follow These Steps To Get Started:

  • Ask your spouse to create or open their mySocial Security account, go to the Plan for Retirement section, and note their retirement benefit estimate at their full retirement age or Primary Insurance Amount .
  • Create or open your mySocial Security account, scroll to the Plan for Retirement section, and:
  • Select See what you could receive from a spouse if you are not eligible for retirement benefits yourself or select the Include a spouse? tab if you are eligible for retirement benefits.
  • Choose a future age or date when you would like to start receiving spouses benefits.
  • Enter your spouses retirement benefit estimate at their full retirement age or PIA.
  • If you are eligible for retirement benefits, you can also scroll to the bottom of the screen to estimate the potential benefits your spouse could receive based on your earnings history by entering their date of birth, and age when they would elect to begin receiving benefits.
  • Thats it! So create or sign in to your mySocial Security account and start planning for your future today!

    Already have a mySocial Security Account?

    Sign in to your account and scroll down to the Plan for Retirement section to start planning for your future.

    Will Your Expenses Decrease After You Retire

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    Retirement could be more expensive than you expect.

    If you’re planning an active retirement or carry a mortgage or other debt, retirement may be more expensive than you expect. Some regular expenses like your out-of-pocket health care costs will likely increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. You can also increase your regular income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent.Create a retirement budget.

    Retirement could be more expensive than you expect.

    If you’re planning an active retirement or carry a mortgage or other debt, retirement may be more expensive than you expect. Some regular expenses like your out-of-pocket health care costs will likely increase as you get older. You can protect your retirement lifestyle by reducing your largest expenses. You can also increase your regular income by claiming at your full Social Security benefit age or later. If you claim earlier, your monthly benefit could be reduced by as much as 30 percent.Create a retirement budget.

    Maintain your lifestyle by planning ahead.

    Maintain your lifestyle by planning ahead.

    Many people find retirement is more expensive than expected.

    Many people find retirement is more expensive than expected.

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    Check Different Claiming Ages

    If you don’t like the benefit estimate you see for claiming at 62, try testing other claiming ages. You can also do this right from your account, using the slider below the benefit chart. Move the slider to age 63, for example, and you’ll see a new, higher benefit estimate. Move it again to 63 and 1 month, and the benefit goes up again.

    Here’s how the math works. You qualify for your full benefit at FRA. When you claim early, your benefit is reduced according to the number of months until you reach FRA. For the first 36 months, the monthly reduction is five-ninths of 1%. For any months beyond 36, the monthly reduction is five-twelfths of 1%. Delaying your claim for even one month translates to higher Social Security income, because you reduce the number of monthly reductions applied to your benefit.

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