Check Your Social Security – Even If You’re Younger - CNBC
Despite all the doomsday predictions by “armchair experts” about Social Security going bankrupt, the program can’t, and won’t, go bankrupt, although some future changes are definitely needed and will surely be made in the program’s financial structure.
Statistically, about 50% of all seniors say that Social Security provides at least half of their retirement dollars, and about 25% of retirees say that Social Security supplies at least 90% of their income. With that level of dependency, Social Security is here to stay and you will someday probably be quite reliant on it. Thus, it’s never too early to monitor your potential Social Security benefit and, because your benefit will be based on your lifetime earnings record, to make sure your records are accurate. This CNBC article by Ryan Ermey suggests that you should think about Social Security as only a part of your future retirement income, albeit an important part that you should understand even decades before you become eligible to collect. And how to do that? Create your personal “my Social Security” online account, not only to see projections of your future benefits but to also monitor your lifetime earnings record. If the latter contains any mistakes, you can correct those mistakes early to ensure you’ll get the full benefit amount you’ll later be entitled to. Click here to read the CNBC article.