How much Social Security money can you get when you retire? – To world

Collecting social security contributions in retirement may seem light years away, but keeping track of your future benefits now is a smart financial move. “Just as people monitor their creditworthiness annually, so should their social security income history,” said Marguerita Cheng, Certified Financial Planner and CEO of Blue Ocean Global Wealth.

This fall, Social Security made it easier to do that review – and assess how much you can move in after you retire. The government agency revised performance records to give current and future beneficiaries a simplified overview of their services.

This is how you can find out how much Social Security cash you can get in retirement and how to keep an eye on your income records to ensure you are getting the maximum benefit that you are entitled to.

“My first tip is for everyone, even my Gen Z daughter, to sign up and create an online account with ssa.govSaid Cheng.

A … Create “my social security account”Is the only way to check the accuracy of your income history if you are under 60 years of age. Otherwise, you will have to wait up to three months before your 60th birthday to receive a paper copy in the mail.

The newly designed statements contain a new graphic with benefit estimates. The agency calculates your average monthly earnings based on your 35 highest earnings years. When you create an account, you’ll see the amount of monthly benefits you can expect to receive if you apply for nine different age groups.

You can apply for social assistance at the age of 62, but only at a permanently reduced rate. You are entitled to your full benefit once you have achieved Retirement age, a milestone that varies depending on the year of birth. Waiting for the use of services until you are 70 results in the highest monthly payment.

Check your earnings records for errors annually

The amount of your social security contribution depends on the income from your years of employment, the time of your birth, the age at which you decided to receive benefits and Inflation. It’s not uncommon to see errors in your earnings records, says Cheng, and “it’s a lot easier to correct them over time than waiting for you to retire.”

It is important to review your income statement annually as there is a deadline for correcting your income records. You have three years, three months and 15 days after the relevant tax year to report an error. After that, the social security does not make any changes, except in a a handful of circumstances.

Problems with your income history arise for a variety of reasons, says Cheng. “Some mistakes could be an incorrect social security number, a different name, late reporting, or an omission from your employer,” she says.

Even if the mistake isn’t your fault, “it is definitely your responsibility to get in touch and the social security agency can investigate your employer,” says Cheng.

To correct mistakes, the social security authority has described detailed instructions. Options include reporting a bug online, or by phone.

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Reference-www.nach-welt.com

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