It is a known fact that a good number of elderly persons living in the United States consider social security as their major source of income. As many as 9 in 10 people above the age of 65 are recipients of social security benefits.
According to data accessed by GoBankingRates from the Social Security Administration, this number represents 33 percent of the income of the elderly.
In this context, the natural question that arises is whether this will be enough. It has been found by way of research that most Americans are never prepared for retirement. Going deeper into the statistics, it becomes clear that the average retirement account balance stood just above $106,000, but more than half – 58% – had savings worth less than $40,000. Meanwhile, a third of them had even fewer savings, which hovered around $10,000.
Social Security Administration Updates Estimate Future Benefits
Quoting WFAA, the GoBankingRates report pointed out that regular updates used to be sent out by the Social Security Administration used, and these updates detailed estimated future benefits. The amount received is based on the 35 years of age, when a person earns the maximum.
Though the Social Security Administration has halted sending regular updates, beneficiaries can create a login with Social Security and access them. All you need to do is sign in and look for information on how many have you have worked to be eligible for a monthly benefit.
Use the tool to stay informed
Besides, the site also has provisions to keep you informed on your monthly payment based on your earnings history. This is web tool would also let you know how less you could benefit if your withdrawals begin early at 62. Once you wait for your maximum amount at the age of 70, the benefits would, obviously, be more.
The tool also helps in ascertaining the benefits you are entitled to by claiming Social Security benefits under your spouse, ex-spouse, or deceased spouse. The report pointed out that if an ex-spouse receives higher benefits, you will also get additional pocket benefits on their record. This is something elders need to know.
