Social Security retirement benefits are not enough to get by. This is something most Americans know. However, more and more seniors rely on these monthly payments to make ends meet.
The thing is many workers thought about early retirement as their main goal. Not having invested wisely and not having saved enough is a problem for a growing number of retirees on Social Security.
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While some workers think about their retirement and plan their future expenses, they forget about inflation. A 2023 report from the Seniors Citizen League claims that retirees on Social Security benefits have lost about 36% of buying power since 2000. So, make sure you know the future amounts before filing.
SOCIAL SECURITY STATEMENT AND HOW IT COULD HELP YOU
Americans who know about it usually call it Statement simply. It is possible to get yours online and all you need to have is a my Social Security account. Regardless of your age, this Statement will be helpful. But why is it important for people aged 58 to 62?
Since the Administration allows workers who have enough work credits to file for retirement benefits at 62, a Statement is essential for these workers. Those who delay retirement until their Full Retirement Age or until they are 70 can also benefit from it.
If you are a worker and you are 60 years old, you may receive the annual Social Security Statement by mail. However, many people do not even pay attention to it. Not only can you check the information about your future payments, but you can also see if your family may qualify too.
This is important to know when a person is seriously ill and may pass away shortly. Leaving Social Security benefits to your loved ones can give you peace of mind in a difficult moment.
THINGS YOUR ANNUAL STATEMENT SHOWS
First of all, you will see the retirement benefit amounts you could receive at different ages. From the age of 62 till you are 70, you can get personalized Social Security retirement benefit estimates per month.
For example, if you could get $1,465 at 62, this check would become $2,634 at the age of 70. Hence, it is of vital importance to know that early retirement means receiving less money.
On the contrary, late retirement means getting 24% extra per month. Something in between would be ideal to get 100% of your benefits. That happens at Full Retirement Age, 67 if you were born from the 1960s onward.
Information about disability benefits, Medicare, Survivors Benefits, Earnings Records, and earnings not covered by Social Security will also be available. Check an online sample at https://www.ssa.gov/myaccount/assets/materials/statement-redesign-online.pdf