Tuesday, August 2, 2022

How To Get Estimated Social Security Benefits

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Who Is This Calculator For

How to Calculate Your Social Security Benefits

This calculator is most useful if you:

  • Would like to know whether your current salary is sufficient to support your lifestyle after you retire
  • Are thinking about potential retirement ages and would like to know how that will affect your post-retirement benefits
  • Are looking to purchase a home and want to be as informed as possible about your future financial situation

How To Get Started

To set up a My Social Security account, you must be at least 18;and have a Social Security number, a valid email address and a U.S. mailing address. Youll also need some form of identification or financial information, like a drivers license or tax return, to verify your identity during the sign-up process. Make sure that you have all of this information handy.

Heres how to set up your account.;

Go to the My Social Security sign-up page. Click on Create an Account . Youll be asked to read and agree to terms of service for the account.;

Enter identifying information, including your name, birth date, Social Security number and address. Youll also be asked to provide a cellphone number or email address; the SSA will use it later for verification.

Choose a method for Social Security to confirm your identity. There are three options:

Get a security code. Once youve provided information to verify your identity, Social Security sends a code by text or email, which you can enter to finish setting up your account. You can opt to receive the code by regular mail, though that option can take five to 10 days.

Create a username and password. This will be your My Social Security account log-in. The password must contain between eight and 64 characters and include upper- and lowercase letters, at least one number, and at least one symbol like an exclamation point, ampersand or dollar sign.;

Congratulations! You have successfully created your online My Social Security account.

Collecting Social Security: Who Is Eligible For Retirement Benefits

If youre a;U.S. citizen or legal resident;who has paid Social Security taxes for at least 10 years over your work career, you are eligible for earned benefits starting at age 62. Specifically, you receive one credit for each $1,360 of annual earnings,;as of 2019, up to a maximum of four credits per year. You need 40 credits to be eligible for retirement benefits. This means even part-time workers often earn enough credits to be eligible.

Additionally, three groups of people can be eligible for benefits, even if they did not work enough to qualify or pay any Social Security taxes at all:;spouses, former spouses;and;children;of those who are eligible for benefits.

Of course, not every worker pays into Social Security and there are some who are not eligible for Social Security benefits when they retire. That includes some teachers; some employees of state and local governments; most federal employees hired before 1984; and railroad employees with more than 10 years of service. These employees often receive a pension from their employer.

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Easily Estimate Your Social Security Income When You Retire

    The collecting of social security benefits is a very important part of your retirement. In most cases, Americans have little idea as to how their benefits will be once they reach retirement age. Its important to know what factors are considered in determining your social security benefits.

    The following factors will determine how your benefits will be calculated: earning history, work history, birth year, claiming age, total income, geographical location, and if you are still receiving an income. The Social Security administration has a number of tools that can help you get a ball park estimate of you monthly benefit amount.;

    What If I Dont Know My Expected Salary Increase

    Your 2017 Guide to Social Security Benefits

    Generally, our salaries increase steadily as we progress through our working lives, adapting to ever-changing needs. Typically, many people can expect a 2% increase averaged out over their career. If you believe that this does not apply to you, or you would just not like to count on it, you can just type 0% for this box, or a smaller amount such as 1%. The intention of the Social Security Benefits Calculator is simply to provide an estimate, so you can afford to be slightly incorrect.

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    How To Get Activation Code For Gta 5

    Select your country first then your system where you want to play gta 5. click on the generate button and let the work to our tool which can take few minutes. when it show your code on your screen then copy this key and activate your gta 5.

    If digitally, then you should receive e-mail containing the code and other information how to use it. Check your spam box. If retail, then the code should be in the box, or on the manual documents. If you do not have any of this, contact the retailer from witch you got the game. He literally said bought GTA V on steam.

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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.

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    When Should I Start Collecting Social Security

    Ultimately, the decision of when to begin collecting Social Security is one you have to make. It depends on your age, your health status, how much you spend and how much you have saved. Its generally best to start collecting as late as you can, because you get a larger monthly payment, which is adjusted for inflation each year.

    Consider a retiree who was born in 1950 and averaged $50,000 a year in salary. If she has $3,000 a month in expenses, her Social Security check would cover 48 percent of her expenses if she started Social Security at age 62. If she waited till age 70, her check would cover 84 percent of her expenses. Every year she delays retirement, her Social Security payout which is adjusted annually for inflation rises by about $1,635.

    Traditionally, the retirement system in the U.S. has been a three-legged stool: Social Security, savings and pensions. Social Security was never intended to be the sole source of income for retirement. Increasingly, however, employers have been moving away from their employer-sponsored pension plans in favor of tax-deferred retirement savings accounts, such as 401 plans.

    How To Use The Social Security Benefits Calculator

    How to Estimate Social Security Benefits

    Not sure where to start? Let us help you:

  • Input your current age and the age you expect to retire, either by typing directly into the white boxes or by using the sliders
  • Add your current annual income and the average percentage by which you expect it to increase throughout your working life
  • Unless you know otherwise, leave the Expected Rate of Inflation box as it is
  • If you are married, and your partner does not work, tick the box to indicate this.
  • If on the other hand your spouse does work, they will be entitled to their own Social Security Benefit. To get an accurate picture of your joint situation, it is best if you calculate your benefits separately and add them together afterwards.
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    How To Calculate Your Social Security Benefit

    Calculating your estimated Social Security benefit is no easy task. Your best bet may be to request a Social Security benefits estimate from the SSA. This will contain an estimate of your benefit at age 62, at your FRA, and at age 70, based on your current work history.

    In addition to these estimates, the SSA also has a series of Social Security benefits calculators that can help you plan for retirement. You can also use this calculator from AARP to estimate the best age to start claiming your benefits.

    How To Apply As Self

    You must have a social security number, register as self-employed with the Spanish tax office, and register with the Spanish social security system using the form TA.0521. Find your local office here. To do this, youll need your NIE and passport.

    You can also register online but you need an activation code from the TGSS and a digital certificate from a Digital Certificate Registration Office. Make sure you inform them of any changes.

    The general contribution rate is currently between 26.50% and 29.80%. This works out to a monthly payment of at least 250 per month for most freelancers.

    Self-employed workers in Spain up to 47 years old can choose from contingency contribution bases of between 893.10 and 3,751.20 per month; those aged 48 or over could choose a base between 963.30 and 1.964.70 per month. You may need a higher minimum base if you employ others.

    Paying contributions entitles you to healthcare in Spain and, after youve paid into the scheme for 15 years, a pension. You can pay more than the basic amount to get a higher Spanish pension or choose private pension funds or make additional contributions to be covered for accidents or sickness at work.

    For detailed figures on contribution bases and rates, see this table from the Spanish Social Security Office.

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    What Is Social Security’s Cost

    COLA represents the “raise” that Social Security beneficiaries will receive from one year to the next. I say “raise” in quotation marks because it’s not a true benefit hike. Rather, it’s an increase in payout that’s designed to reflect the inflation beneficiaries have contended with over the past year. In other words, as the price for goods and services rises, Social Security benefits rise, too. That’s what COLA is designed to mirror.

    The Consumer Price Index for Urban Wage Earners and Clerical Workers is the inflationary tether used by the Social Security Administration. The CPI-W has eight major spending categories and a multitude of subcategories, each of which have their own percentage weighting. The CPI-W is expressed as a single number each month, thereby making it easy to compare the aggregate inflation or deflation of a large basket of predetermined goods and services.

    What you might find interesting about Social Security is that only the CPI-W readings from the third quarter matter when calculating COLA. The other nine months of the year can help identify trends, but aren’t in any way used in determining COLA for the upcoming year.

    Do You Plan To Continue Working In Your 60s

    Social Security Benefits â The Kid Picked Last for Dodgeball

    Working in your 60s will help you maximize your income and savings.

    Your benefits are based on your highest 35 years of earnings. Each year of work can add higher earnings to your record by replacing years with low earnings such as those when you were a student, were unemployed, or took time off to care for someone. When you work and wait to claim until age 70, you can increase your monthly benefit by more than 75 percent! Working in your 60s also gives you more time to save on your own for retirement.Review your earnings record on my SocialSecurity.

    Working in your 60s will help you maximize your income and savings.

    Your benefits are based on your highest 35 years of earnings. Each year of work can add higher earnings to your record by replacing years with low earnings such as those when you were a student, were unemployed, or took time off to care for someone. When you work and wait to claim until age 70, you can increase your monthly benefit by more than 75 percent! Working in your 60s also gives you more time to save on your own for retirement.Review your earnings record on my SocialSecurity.

    You can maximize your benefits even if you work fewer hours or stop working.

    You can maximize your benefits even if you work fewer hours or stop working.

    Consider working in your 60s for an extra boost to your income and savings.

    Consider working extra years in your 60s for an extra boost to your income and savings

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    Budget Cuts Force Ssa To Stop Mailing Paper Social Security Estimated Benefit Statements

    January 12, 2017 By kristine

    The Social Security Administration stated in a recent blog post that they will no longer be able to mail out paper Social Security estimated benefit statements.

    Recent budget cuts have forced the SSA to make some changes, including a hiring freeze that began in 2016, and more recently, the decision to send out fewer paper statements.

    According to the SSA blog, paper statements showing your estimated benefits and earnings history will only be sent to people age 60 and over, who are not currently receiving benefits, and who do not yet have a my Social Security account.

    Sending fewer paper statements should cut administrative costs by a little over $11 million in 2017.

    This story may sound familiar to you. Thats because the SSA made the same decision back in 2011. ;The SSA made online statements available in May 2012 and had planned on stopping mailing paper statements to all workers at that time.

    However, after receiving much criticism, the SSA resumed mailing paper Social Security estimated benefit statements for workers as they reached key ages, starting with age 25 and then every five years up until you start collecting benefits.

    If you have signed up for an online account, simply login and click on Estimated Benefits. You can view your estimated benefits online or you can print your full statement.

    Your estimated benefit statement will show the following information:

    Alternate Us Mailing Address

    Various SSA personnel, including those from the Federal Benefits Unit , say the U.S. address is not part of the verification process but is the place to which SSA sends the confirmation of the information that one has inputted online and an activation code to finish setting up the account. They say that one can use the U.S. address of a family member, or other person you trust, who can then relay the activation code to you received from SSA in the mail.

    You should set up your alternate mailing address with a relative or friend in advance, so that you can enter this information when you first make your online application.

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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.

    What If I Continue Working In My 60s

    You should regularly check the estimated Social Security benefit youâll eventually get

    Many people whose health allows them to continue working in their 60s and beyond find that staying in the workforce keeps them young and gives them a sense of purpose. If this sounds like something youâd like to do, know that working after claiming early benefits may affect the amount you receive from Social Security. Why? Because the Social Security Administration wants to spread out your earnings so you donât outlive them. If you claim Social Security benefits early and then continue working, youâll be subject to whatâs called the Retirement Earnings Test.

    If youâre between age 62 and your full retirement age, and youâre claiming benefits, you need to know about the Earnings Test Exempt Amount, a threshold that changes yearly. For 2021, the Retirement Earnings Test Exempt Amount is $18,960/year . If youâre in this age group and claiming benefits, then every $2 you make above the Exempt Amount will reduce by $1 the Social Security benefits you’ll receive.

    Contrary to popular belief, this money doesnât disappear. It gets credited back to you – with interest – in the form of higher future benefits. You may hear people grumbling about the Social Security âEarnings Taxâ, but itâs not really a tax. Itâs a deferment of your benefits designed to keep you from spending too much too soon. And after you hit your full retirement age, you can work to your heartâs content without any reduction in your benefits.

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