Retirement Planning

What Can You Expect From Social Security?

How can you be sure your Social Security benefits will meet your expectations? Prepare for retirement by setting up a personal account to help you keep track of your benefits.

Planning For Retirement And Your Expectations

Seventy-five years ago, Ida May Fuller received the first Social Security distribution in the amount of $22.54. When she died at age 100, she had claimed over $22,000 in benefits - nearly enough for her to cover her expenses (according to Ida).1 Today, most Americans would be hard-pressed if they had to live solely off of their Social Security benefits. Which is why it's so important to save as much as possible (and as early as possible) for retirement.

Looking for a way to find out how much your Social Security benefits will contribute to your retirement income? Since the Social Security Administration has stopped mailing paper Social Security statements to cut costs, you'll need get online and set up an account if you want to view your complete earnings history, taxes paid into the system, and get a personalized estimate of your expected payments.

By setting up a personal account, you can:

  • Keep track of your earnings and verify them every year
  • Get an estimate of your future benefits if you are still working
  • Get a letter with proof of your benefits if you currently receive them
  • Manage the following benefits:
    • Change your address
    • Start or change your direct deposit
    • Get a replacement Medicare card
    • Get a replacement SSA-1099 or SSA-1042S for tax season.

You can also use the SSA's Retirement Estimator tool available on the SSA's website to estimate your future Social Security benefits based on your earnings record.

Proactive retirement planning should include a periodic check of your Social Security statement to make sure your information is being recorded correctly and to help you make decisions about when to claim your benefits.

1. http://www.ssa.gov/history/imf.html

Was this article helpful?
0
0

All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

Planning For Retirement And Social Security

A big part of most American's retirement income is Social Security. This is why proactive retirement planning should include knowing how much you can expect to receive from Social Security. This article looks at the benefits of establishing an online account to review your Social Security information. For more information, visit the Protective Life Learning Center.

WEB.1839.12.15