Is It Too Soon to Estimate My Social Security Benefits?
Since Social Security often winds up being a substantial income source for many in retirement, knowing what your benefits will look like ahead of time can help in retirement planning. The Social Security Administration (SSA) issues annual earnings statements that summarize one’s annual income for Social Security purposes and provides an estimate of future benefits. For those 60 or older, these come in the mail. If you’re younger than 60, access is online only. As Maurie Backman explains, the estimated payouts are less reliable for younger folks because Social Security uses one’s highest 35 years of income. Younger folks will have such a limited amount of history so as to make any future benefit estimates somewhat unreliable. 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.