Answers to Your SOCIAL SECURITY QUESTIONS

Figuring out how to get the most out of your benefits is not as simple as it looks.

- SANDRA BLOCK

When you're years away from retirement, Social Security seems straightforward: You leave your job, file for benefits and receive a monthly check for the rest of your life. But in reality, getting the most out of Social Security is anything but simple. As you approach retirement, you'll need to make decisions that could have a significant impact on the amount of money you receive, and some of these decisions are irrevocable. We've answered some common questions about Social Security, along with guidance on the basics of this pillar of retirement security.

ESTIMATING BENEFITS

How can I find out how much I’ll get from Social Security when I retire?

The best way to estimate how much you’ll receive in Social Security benefits is to sign up for an account at www.ssa .gov. Once you have an online account, you can review your Social Security statement, which provides a record of your earnings history and an estimate of the benefits you will receive.

In 2021, the Social Security Admin­ istration redesigned its benefits state­ ment to make it more informative and user­friendly. The new statement pro­ vides estimates for up to nine different ages, depending on when you file for benefits. It also provides a record of your earnings history, which you should review periodically for errors. If an employer failed to correctly re­ port your earnings to Social Security, you could lose thousands of dollars in benefits.