17 Apr Social Security Benefits & Planning for Retirement
You’ve been paying into Social Security all of your working life. When it comes time to retire, will Social Security Be Enough? Planning for retirement can be both exciting and confusing. Especially when it comes to Social Security benefits. Check out these frequently asked questions about Social Security and be sure you’re prepared to live the life you want during your retirement.
When should I begin receiving Social Security benefits?
Social Security benefits reward individuals for waiting until their “full retirement age” of 66 or 67, depending on when you were born. Generally the longer you wait, the bigger your benefits will be, up until age 70.
How much will I get from Social Security?
Your benefit amount will depend on several things including the following:
- How much you earned during your working years
- When you start receiving benefits
- Whether or not you work during retirement
To get an estimate of your benefits, visit https://www.ssa.gov/ and create a “My Social Security” account.
Will Social Security be enough?
Probably not. Social Security was not designed to be the only source of retirement income. If you’re an average income earner and hope to have 80% – 100% of your pre-retirement income, you can count on about 40% of it coming from Social Security.
Whether retirement is 10 years away or 30 years away, it’s never too early to start planning. Secure your future and enjoy the retirement you want.
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