How Much Social Security Will I Get? Here’s What You Need to Know

Like many things involving finance, understanding Social Security can prove challenging. When the time comes to retire, you may wonder, “How much social security will I get?”

Many people dream of retiring for years. However, a considerable number of workers don’t think about them until retirement draws near. Nevertheless, it’s important to understand Social Security benefits so that you can make informed retirement decisions.

To learn more about how much you’ll receive in Social Security benefits when the time comes, keep reading.

Understanding the Social Security Retirement Age

If you paid into Social Security for a minimum of 10 years, you’re eligible for retirement benefits. The Social Security Administration (SSA) measures these years in quarters. They count your cumulative years according to how much you contributed to the retirement fund.

You can collect benefits once you’ve reached retirement age. The retirement age in the United States is either 66 or 67, depending on your birth date.

However, you can wait to apply for Social Security benefits until the age of 70. If you put off collecting Social Security until then, you’ll receive a bonus in the form of a larger benefit.

Alternatively, you can claim Social Security retirement benefits as early as the age of 62. Although, the SSA will pay you a lower monthly stipend.

How Much Social Security Will I Get?

If you’ve been wondering, “How much social security will I get?”, you can figure it out using a handy online calculator. The best way to calculate your Social Security benefit is to use the official SSA website. On the website, you can set up an online account.

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You can use the account to verify your earnings. You can also retrieve your Social Security statement.

This service is highly convenient. You can access it 24 hours a day, seven days a week, from any internet-connected device.

You can use the SSA online benefits calculator to estimate your payments based on your official earnings. You can also take advantage of the site’s retirement calculator. After you figure out how to calculate social security benefits, you can also calculate retirement estimates for different ages using your real earnings history.

Some of the information on the site can prove confusing. If you’re a non-English speaker, the information can prove even more puzzling. If you need assistance deciphering some of the facts on the SSA website, you can reach out to this translation service for aid.

Are Social Security Benefits Taxable?

If you continue to earn a substantial income after retirement, the SSA may continue to tax your income. For example, the agency may tax up to 85% of your benefits.

However, you must make over a certain amount for this to occur. If you make less than $25,000 a year, you won’t have to pay taxes on your Social Security income. Alternatively, if you make more than $25,000 a year, the agency will tax your income on a sliding scale.

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Now you know the answer to the question, “How much social security will I get?” It’s important to know about your Social Security benefits to avoid making critical mistakes. However, it’s always a good idea to learn more about managing life’s challenges.

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Fortunately, you’ve come to the right place. Keep coming back for more news and tips about managing life’s important tasks.