In an effort to save money, the Social Security Administration (SSA) stopped mailing annual statements nearly a decade ago. The yearly statements were helpful, as they helped workers estimate their Social Security benefits.
Despite this lack of formal reporting, the SSA offers an online option, Retirement Calculator, where you can estimate your Social Security benefits. You can access the Social Security tool at https://www.ssa.gov/myaccount/retire-calc.html.
The Retirement Calculator provides you with an approximate snapshot of your monthly retirement benefit based on your official Social Security earnings. It reveals early (age 62), full (ages 65-67) and delayed (age 70) earnings, allowing you to tinker with prospective scenarios and review the impact on your benefits.
If you intend for Social Security to play a role in your retirement income, it will be helpful for you to consult the online calculator at least annually to gauge if your savings align with your retirement goals.
Keep in mind that Social Security benefits do not automatically increase each year, but do so to align with an increase in inflation.
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Notes
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
Kmotion, Inc., 412 Beavercreek Road, Suite 611, Oregon City, OR 97045; www.kmotion.com
©2021 Kmotion, Inc. This newsletter is a publication of Kmotion, Inc., whose role is solely that of publisher. The articles and opinions in this newsletter are those of Kmotion. The articles and opinions are for general information only and are not intended to provide specific advice or recommendations for any individual. Nothing in this publication shall be construed as providing investment counseling or directing employees to participate in any investment program in any way. Please consult your financial advisor or other appropriate professional for further assistance with regard to your individual situation.
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