By the importance of Social Security in the lives of retired, it would be logical that a large part of citizens are aware of how many benefits they would be entitled to if they will retire, but that does not seem to be the reality of the situation. According to new research from the National Retirement Security Institute (NRIS), only 11% of citizens who have not retired, they confirm that they know exactly how much money they are going to receive as benefits.
Additionally, 24% say they are not “very sure” of their benefit amounts and 22% say they have no idea how much money they will receive at the end of the day to retire. This lack of information is not good for the next beneficiaries, who should be more concerned about planning their financial future for retirement. Being proactive could help improve your quality of life once you have a steady income.
How to get an estimate of your Social Security income
Tyler Bond, NIRS research director, in a Tuesday presentation of the company’s research, explains the simple process: “Workers can go to the US Administration’s website. Insurance Social and log into your own account and receive an estimate of the amounts of your benefits futures. Most workers don’t seem to have done it and don’t seem to have a good idea of what they will personally get out of it. Social Security”.
Any worker who is 18 years old or older can make their own account at “My Social Security” to consult your records, and for those over 60 years of age who do not have an online account, you can request your physical account statement (printed on paper), which will be sent via postal mail.
What was presented will appear on your bank statements Social Security
According to Joe Elsasser, certified financial planner and president of Covisum, a benefits-claiming software company. Of Social Security, the declarations will especially help citizens between 62 years of age (as soon as they can retire and request benefits) and 70 years (the longest they can wait to request their benefit retirement) to see how the annual adjustments of the COLA would affect checks benefits monthly.
Everyone knows would benefit to know about this information, as Elasser also maintains, but this segment of the population would especially benefit from consulting the following information: “The best way to think about it is: what kind of standard of living would the Social Security if you continue to work and if you continue to receive wages basically in line with inflation? That’s what the bank statement tells you. Social Security”. But these statements can only serve the information currently available; They cannot predict salary or cost-of-living adjustments that would substantially change the situation. As explained by Jim Blair, vice president of Premier Social Security Consulting and former administrator of Social Security: “The closer someone is turning 62, the more accurate the information will be.”
How to Make More Accurate Claims About Your Social Security BenefitsThe easiest way to do this is to make sure your income history is correct and accurately reflects your salary history. It is always easier to correct errors while they happen than when enough time has passed for the records to be lost. If there is an error, correcting it is as simple as taking the correct W-2 form to a local U.S. Administration office. Social Security. Tax returns, pay stubs, pay stubs, personal wage records, or other documents may also be used to verify information.
But even if all the records are correct, you may end up receiving less benefits than expected, given the possible deficit in the Trusts of the Social Security. Payroll taxes should still support a portion of the benefits theoretically allocated, but may not be the full amount, depending on whether Congress strengthens the program or not. As Elasser warns, “it is entirely reasonable to expect a cut in benefits for young people, but predicting that it will not happen at all is a wrong assumption.”
