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How To Find Out Your Social Security

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Get A Social Security Statement

How to Calculate Your Social Security Benefits

The Social Security Administration maintains an online service that lets you find out what you have paid into Social Security, how many hours of work your employers have reported each quarter, and what your expected benefits would be if you were to retire or go on disability in the near future.

You may think that would be wonderful since the worker reporting hours to your Social Security account is moving you closer to vesting your Social Security benefit, but in fact, you can have your expected Social Security payments greatly reduced if someone is reporting low-wage labor to your account. So you want to clear up any double-dipping of your Social Security account.

Requesting your statement is straightforward. You will need to create a my Social Security account if you dont already have one. You can access the sign-in/account creation page here. Once logged in, you can request a Social Security statement to print out from your account. If you prefer a low-tech approach, you can fill out a request form and mail it in, and get a statement mailed to you in 4 to 6 weeks.

How Much Will I Get From Social Security

Your retirement benefit is based on your lifetime earnings in work in which you paid Social Security taxes. Higher income translates to a bigger benefit . The amount you are entitled to is modified by other factors, most crucially the age at which you claim benefits.

For reference, the estimated average Social Security retirement benefit in 2022 is $1,657 a month. The maximum benefit the most an individual retiree can get is $3,345 a month for someone who files for Social Security in 2022 at full retirement age , the age at which you qualify for 100 percent of the benefit calculated from your earnings history. FRA is 66 and 2 months for people born in 1955, 66 and 4 months for people born in 1956, and is gradually rising to 67 for those born in 1960 or later.

Youll only know your own amount for sure when you apply, but there are ways to get a sense of it in advance. The quickest and easiest is to use AARPs Social Security Benefits Calculator or check your online My Social Security account. The latter draws on your earnings record on file with the Social Security Administration for the AARP calculator, youll need to provide your average annual income.

Keep in mind

Social Security sets a cap on how much of your income it takes into account in figuring your benefit. In 2022 the cap is $147,000 . Any income above that is not counted in your benefit calculation .

How Much Is Taken Out For Part D Drug Plans

Medicare Part D plans help pay for prescription drug costs. This coverage is not included with Original Medicare . However, some Medicare Advantage plans also provide drug coverage. If you join a Medicare Advantage Prescription Drug plan , you cannot also join a standalone Part D plan.

As with Medicare Advantage plans, Part D plans are sold by private insurance companies. This means that their costs will vary, just like Part C plans. However, you may also owe the Income-Related Monthly Adjustment Amount for your Part D plan. The IRMAA table above includes the Part D surcharge at each income bracket.

This amount, as well as your premium itself, can be deducted from your Social Security benefit. Contact the Social Security Administration to set this up.

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Eliminated The Stretch Provision

The SECURE Act removed the stretch provision, which previously allowed non-spousal beneficiaries to withdraw the required minimum distributions from an inherited IRA until the account was depleted. Non-spousal beneficiaries must withdraw all of the funds in 10 years following the death of the original account holder, a requirement put in place on Jan. 1, 2020.

Verify Your Earnings History

Social Security Cards Explained

The amount of the benefits you or your family receives depends on the amount of earnings shown on your record. Regularly checking your SSA earnings history can help ensure there are no surprises when its time for you to start receiving benefits. You can find your earnings history on your annual Social Security Statement. Create a free my Social Security account to check your earnings history online.

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Request A Replacement Social Security Card

If you had your Social Security card stolen or simply lost your SS card, then you will need to get a replacement card. In many states, you can replace a lost or stolen card online using your My Social Security account and uploading a copy of your drivers license. If you are in a state that cannot use the online service, the card can be requested at your local Social Security office or through the mail using a paper application. In most cases, you will keep your same SSN. However, if the fraud has become bad enough, the SSA will issue you a new Social Security number when warranted.

How Do I Check To See If Someone Is Using My Social Security Number

Identity theft is one of the fastest growing crimes in the country, and nearly one third of all adults in the United States have experienced some form of identity fraud. Safeguarding your Social Security number is one of the best ways to keep your identity safe. When a thief gets access to your SSN, they can open new bank accounts, drain existing finances, file fraudulent tax returns, and take many other nefarious actions. So, how do you know if someone is using your Social Security number before it is too late? There are some steps you can take to stay alert and make sure that no one is using your Social Security number.

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When Will You Collect

The SSA calculates your benefit amount at your full retirement age . This depends on the year you were born. FRA by birth year is:

  • 19431954: age 66
  • 1955: age 66 and two months
  • 1956: age 66 and four months
  • 1957: age 66 and six months
  • 1958: age 66 and eight months
  • 1959: age 66 and 10 months
  • 1960 and later: age 67

The monthly amount you are eligible to receive at your FRA is considered your full benefit, but it is not your minimum or maximum benefit.

You have the option to file for early retirement as early as age 62. But, you may choose to delay taking your benefits until as late as age 70.

There are many reasons why you might choose to take early retirement or to delay it. That choice has a direct impact on the amount of your monthly payment. If you opt for early retirement, you are choosing a lower monthly payment for the rest of your life. By choosing to delay your benefit to any age between your FRA and age 70, you lock in an increase.

How To Check Social Security Appeal Status Or Hearing Status

3 Ways To Find Out Your Social Security Disability Check Amount

If you are in the process of appealing your application, you can also check your disability appeal status through the methods described above.

In particular, if you are waiting for the schedule of your hearing with an Administrative Law Judge , you can expect a notice by mail that informs you of your hearing date and venue. If you havent received the written notice, you can check using the methods described above, unless your file has already been transferred to an appeals office. In this case, you will want to contact the Office of Hearings Operations to which your file has been forwarded.

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Are You Eligible For Social Security

To be eligible for Social Security benefits, you must earn at least 40 credits over your working career. How those credits are calculated is complex, but you will likely qualify if you have worked for at least 10 years.

You may be entitled to a spousal benefit because of your partner’s work history. If your spouse, ex-spouse, or deceased spouse has earned 40 credits, you may qualify. The Social Security Administration provides more info about this option.

But your work history is not only used as part of the qualification criteria it is also used to figure out the amount of your payment. In calculating your monthly retirement benefit, the SSA considers your highest-earning 35 years of work history. If you worked for less than 35 years, the SSA will use zero for some years.

The higher your earnings over those 35 years, the greater your contribution to the program through FICA taxes, and the higher your benefit will be.

The same threshold applies to both your earnings and your benefits. This amount is $142,800 in 2021, and it will raise to $147,000 for the 2022 tax year.

Are Social Security Benefits Taxable

If you have a lot of income from other sources, up to 85% of your Social Security benefits will be considered taxable income. If the combination of your Social Security benefits and other income is below $25,000, your benefits wonât be taxed at all. The amount of your benefits that is subject to taxes is calculated on a sliding scale based on your income. Money that Social Security recipients pay in income taxes on their benefits goes back into funding Social Security and Medicare.

If your retirement income is high enough that your benefits are taxable, how do you pay those benefits? You can ask Social Security for an IRS Voluntary Withholding Request Form if youâd like the government to withhold taxes from your Social Security benefits. Otherwise, youâre expected to file quarterly tax returns to pay these taxes over the course of the year.

That covers federal income taxes. What about state income taxes? That depends. In 13 states, your Social Security benefits will be taxed as income, either in whole or in part the remaining states do not tax Social Security income.

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Calculating Your Social Security Break

The timing of your Social Security benefits is important it could make a difference of tens of thousands of dollars in your retirement income over your lifetime. And though there are many factors to consider when evaluating Social Security benefits , its fairly simple to calculate your Social Security break-even age. Lets use an example to illustrate the calculation:

Our hypothetical subject, Jeff, has reached full retirement age and is deciding whether to begin collecting benefits now or to delay for one year. If he collects now, hell receive $1,000 per month. But if he waits to take his benefit, it will increase by 8% each year after his full retirement age . Therefore, if Jeff waits a year to apply for benefits, hell get $80 more, for a total of $1,080 per month. If Jeff decided to wait that year, how long would it take him to break even?

Essentially, Jeff forfeited $12,000 , but gained $80 a month. To find out his break-even age, Jeff would divide $12,000 by $80 a month, which comes out to 150 months, or 12½ years. So, if Jeff waits for one year to start taking his Social Security benefit, it will take him 12½ years to get back to even.

Based on the above, if Jeff thinks he’ll live more than 12½ years, it could make sense to delay taking Social Security, because he would eventually come out ahead. If not, he may want to take his benefits now.

When You Choose To Start Taking Social Security Benefits

Find out how you

The yearand even the month within that yearthat you choose to begin taking Social Security benefits affects how much you receive each month. You can start claiming Social Security benefits early as age 62, the current early retirement age. But you wont get your full PIA. Itll be reduced based on how many months you have until your full retirement age. This reduction can really add up, topping in at as high as 30% for particularly early claimers.

You can avoid these surcharges on your PIA, of course, simply by waiting to start payments until your full retirement age. This is generally between ages 66 and 67, depending on when you were born.

You can even add onto your base amount by delaying when you start benefits. After you reach full retirement age, you can boost your benefits by up to 8% of your PIA annually simply by not claiming Social Security. These benefit increases are known as delayed retirement credits, and you can accrue them up to age 70.

An important note: These benefit rate changes are performed to provide roughly the same cumulative benefit over a lifetime, assuming a roughly average lifespan. In other words, if you start Social Security earlier, youll probably claim it for longer someone with the same lifespan who delayed payments would claim them for less time. To provide them the same total benefit, earlier payments must be smaller and later benefits have to be larger to catch up.

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How To Replace Your Ssn If Its Been Lost Or Stolen

If you lost your SSN or it got stolen, you can ask for a replacement. Having your Social Security card stolen or losing it will make it harder for you to find your SSN. This is why you should make sure to have it replaced. If you want to do that, you should go to the Social Security Administration website.

But if you know your SSN, it may not be necessary to replace the card. You just need to make sure you have it on other documents as well, like your tax returns or bank statements.

What makes this great is the fact that you will not have to pay to have your Social Security card replaced if it got lost or stolen, or if you damaged it. All you have to do is fill out an Application for a Social Security Card and print it. Then, you can mail it to the local Social Security office, together with other documents.

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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How Social Security Benefits Are Calculated

Similar to a pension, Social Security provides a stream of retirement income that continues as long as the recipient is alive . And also like a pension, Social Security calculates its benefits by applying an income replacement formula, based on the earnings of the individual during his/her working years.

The difference, however, is that while a pension might simply be calculated based on an individuals last-3 or last-5 years of earnings, Social Security is actually paid out based on an average of 35 years of lifetime earnings. And it doesnt have to be a consecutive 35 years or the last 35 years Social Security uses whatever the highest 35 years were over the workers entire career.

How Much Money Will The Average Social Security Recipient Get In 2022

How to find out a Social Security number Fast?

The 2022 COLA increase is the biggest since 1982.

Heres what that looks like for the average recipient:

  • Retired workers will get an extra $92 a month on average, bringing the average monthly benefit to $1,657.
  • Disabled workers will get an extra $76 a month on average, bringing the average monthly benefit to $1,358.
  • The maximum Supplemental Security Income benefit for individuals will increase by $47 a month, bringing the maximum monthly benefit to $841.

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Social Security Administrations User

The Social Security Administration web site provides clear and reader-friendly information: www.ssa.gov/ssnumber. All applications for SSNs, whether original, replacement, or for change of name or data, use the same form, the SS-5 form . The different purposes may occasion differing degrees of documentation.

How Much Social Security Will I Get Easy Way To Find Out

How much social security will I get? Many people ask this while planning their retirement. And hopefully, you ask yourself this before its too late to start saving for retirement. The SSA states: Social Security benefits are not intended to be your only income source when you retire. You will need other savings, investments, pensions, or retirement accounts to live comfortably. Many things factor into how much social security I will get, including:

  • Whether you QUALIFY for Social Security retirement benefits . Note: Your spouse may be able to qualify for some benefits based on your earnings more info below.
  • Your lifetime EARNINGS
  • WHEN you start receiving benefits You can elect to receive benefits as soon as age 62, but your benefits would be permanently reduced. If you wait until age 70 to receive benefits, your benefits would be increased.

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