By Beth Henary Watson
CERTIFIED FINANCIAL PLANNERTM
Social Security benefits form a central piece of most Americans’ retirement income plans. If you aren’t sure what your benefits may look like, the easiest way to find out is to set up a My Social Security Account at ssa.gov.
What can you do with a My Social Security Account? For starters you can get benefit estimates for your full retirement age, early retirement, or a custom retirement age (as long as it’s over 62). Expecting a substantial pay bump? Factor that in and see how your benefits may change.
You can also review your earnings record for accuracy, as well as download and print a full statement identical to those that used to be mailed.
For the average person, Social Security replaces 40 percent of earnings. From a financial planning perspective it’s important to know how much monthly income this program will provide for your retirement.
To establish a My Social Security Account, simply go to ssa.gov. You’ll need to verify some details about yourself, as well as have a valid email address, Social Security Number, and mailing address.
Important information for workers and/or spouses who ever had jobs that did not pay in to the Social Security program: