How Much Social Security Will I Get?
Whether you’re ready to leave the workforce or trying to plan your future, you may wonder how much Social Security you will get. Some worry that Social Security won’t be available to them by the time they retire. It’s important to plan for your financial future based on the resources available to you, and Social Security is certainly one of them to look at to get a full view of what retirement benefits you’ll have access to.
If you face uncertainties about what retirement benefits you’ll receive, the Wiser Financial Group aims to help you understand where your finances are and where they can be. Let’s look at a breakdown of Social Security to see just how much you could qualify for.
When Do You Start To Receive Benefits?
Social Security benefits become available once you apply for them. Once your application is processed and you meet the requirements, you then begin receiving benefits on a monthly basis. The time during the month in which you receive benefits is based on your date of birth.
You can apply for Social Security if you are:
- • Retired, having worked and paid Social Security taxes
- • Your current or ex-spouse worked and paid Social Security taxes
- • You have a disability or condition that will affect your ability to work for a year or more or will result in death.
- • You are the surviving spouse, wherein your spouse or ex-spouse worked and paid Social Security taxes before they died.
When Do You Start To Receive Benefits?
Even though Social Security benefits become available as early as age 62, if you start accepting them right away, you get a lower percentage than if you wait until what is called your “full retirement age” of 70. As an example, those aged 62 would receive about 30% less than someone aged 67 who starts taking Social Security benefits at the same time. It’s always recommended to take Social Security retirement benefits at full retirement age, if possible, so you can maximize the amount available to you.
Making a Personal Finance Plan
If you plan to take out Social Security, but want to know how much you’ll get from it by the time you retire, you can use the Social Security calculator offered by the SSA. The Social Security calculator helps you to make a personal finance plan by giving estimates based on your current annual earnings and planned retirement date/age. By getting an estimate of your future benefits, you can work toward the goal of turning projected benefits into actual benefits once you reach retirement age.
However, this also looks at Social Security as it currently is, something that will potentially change over time. According to The Future Financial Status of the Social Security Program by the Social Security Administration, full benefits are expected “to be payable in full on a timely basis until 2037.” This means that anyone receiving monthly payments past this date may not receive the current full benefit amount unless a new plan is put in order to support them. So, plan your monthly benefits around this possibility with a financial advisor who can provide you information as it is released and assist you in planning for your retirement to make sure you have what you need to live comfortably.
Work on Retirement Planning
The easiest way to estimate your retirement benefits based on your current work and projected future is with a financial advisor. The Wiser Financial Group will help you look at current earnings, any annual cost projections you have, other income sources, and more to help you calculate not only what you will be eligible for with Social Security, but how you can start planning ahead now for a better retirement. With our knowledge of things like average cost of living adjustments, Social Security benefits, and more, we’ll help you navigate any changes set forth by the Social Security Administration and changes in your personal life to guarantee a more secure retirement.
Whether you’re retiring tomorrow or in 40 years, our team will help you plan for the future that’s ahead of you. Give us a call today to learn more about Social Security and what it means for you!
Are you ready to get started?
If you’re eager to begin your financial journey, the team at Wiser Financial group is here to help.