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How to Read Social Security Benefit Estimates
Bob Carlson, editor of Retirement Watch, writes an informative piece in Forbes on how to read the statement of estimated benefits mailed by the Social Security Administration (SSA) to everyone age 60 and older. This important statement has an individual’s lifetime earnings (payroll tax contributions), and it estimates monthly benefits based on starting at age 62, full retirement age (now 66 to 67 depending on birth year), and the maximum retirement age of 70. As Carlson notes, SSA takes a conservative approach, perhaps by design to encourage more work; thus, for most, actual benefits are usually higher. Read the full piece here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.