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Is Your Social Security Benefit Enough - MSN.com
Social Security plays a huge role for many older Americans, and it is not uncommon to wonder how their own benefit compares to others. Your Social Security benefit is based on your highest 35 years of earnings; the more you earn, the higher your benefit. Social Security takes all your earnings before you turn 60, and indexes them for inflation. These figures do not show in your Social Security earnings statement, but your earnings are worth more now than when you earned them. These adjusted amounts are used in the calculation. If you don’t have 35 years, Social Security will add zeros to make 35 years. You guessed it, those zeros will reduce the amount of your benefit. If you have zeros in your earnings record, you may want to consider working longer. The amount you earn will replace one of those zeros.
You need to be aware of all Social Security benefits available to you. There are other benefits besides retirement benefits. You may be eligible for Spousal or Survivor benefits if you are married, widowed or were ever married for at least 10 years. There are also disability benefits should you find yourself unable to work any longer.
It is important to take your other retirement funds into consideration when determining when to start your Social Security benefits. If you have a long life expectancy and will be heavily dependent on your Social Security benefits, you may want to consider delaying taking your benefits until you are 70. Your benefit will grow 76% between ages 62 and 70.
Social Security was never meant to be your only source of income in your retirement, but sometimes things happen in life that don’t allow everyone to save or make investments. So, if you don’t have savings to supplement your Social Security benefits, there are some steps you can take to make things easier. For more ideas, read the article by Maurie Backman here …
If you have questions about Social Security contact the AMAC Foundation Social Security Advisory Service by calling (888)750-2622 or email ssadvisor@amacfoundation.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.