BLOG: SOCIAL SECURITY RETIREMENT BENEFITS

BLOG: SOCIAL SECURITY RETIREMENT BENEFITS

In previous blogs we discussed the state of the Social Security Trust. The trust is where the funds are managed to provide Social Security benefits for persons who are disabled or retiring. It does not include funds that are distributed through the Supplemental Security Income program that provides cash benefits to families with low incomes.

The Social Security Administration implores all persons of working age to begin to plan for their future retirement. It also implores everyone to put away additional savings because in almost all cases your monthly Social Security check will not be enough to allow you to retire comfortably.

1 IF I WAIT SEVERAL YEARS BEFORE BEGINNING TO COLLECT MY SOCIAL SECURITY WILL MY BENEFITS INCREASE

If you start your retirement benefits at age 62, your monthly benefit amount is reduced by about 30 percent from what your benefits would be at full retirement.

The reduction for starting benefits at age

63 is about 25 percent;

64 is about 20 percent;

65 is about 13.3 percent; and

66 is about 6.7 percent.

2. WHERE CAN I FIND OUT HOW MUCH I WILL RECEIVE IN SOCIAL SECURITY RETIREMENT BENEFITS?

To find out what your full social security retirement benefits will be you need to set up a “My Social Security account”

a. go to SSA.gov

b. scroll down to “my Social Security;

c. click Create an account;

You will need

i. a valid e-mail address

ii. a social security number;

iii. a US mailing address;

iv. and be at least 18 years of age.

d. Once all of the information is entered you will be sent a verification code via e-mail;

e. When you enter the code you will be asked a series of security questions about places you lived, cars you owned or accounts or loans you have opened currently or in the past.

f. When you answer all the questions correctly, you will be guided to a page where your retirement benefit will be shown.

g. You can also view how much you would receive if you became disabled and needed Social Security Disability Insurance Benefits (SSD)