- May 12, 2017
- Social Security
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Social Security Income
Many who pay attention to the Social Security deductions that are withheld on each paycheck wonder just how much money they will receive each month, once they qualify for these benefits. With the online estimator tool, there is no longer a need to wonder. Instead, you can get an estimated amount that is based on how much you have paid into the system over the years you have worked.
This online tool really is easy to fill in as long as you have the required information at hand. You will need to make sure that you have your Social Security number available along with your birthdate and place of birth. You will also be required to provide your mother’s maiden name and some information about how much you expect to earn in the future. There is even a space where you can select the age you will be when you plan to stop working.
Once you have filled in all of the information correctly, you will be provided with several estimates based on different retirement ages. For example, some people, who opt to retire at age 62 while others plan to work until they reach the age of 70. Estimated payouts get larger for those who plan on working until they are a few years older.
Reputable financial advisors strongly warn against relying too heavily on the estimated amounts that the online estimator quotes. This is due to recent warnings by those who oversee the Social Security system. These warnings essentially say that unless some changes are made to how the Social Security system works, the fund will run out of money by 2034. Changes that have been considered include raising the age at which individuals may begin to draw on Social Security and lowering the amounts that are paid out.
With the stability of the Social Security program on shaky ground, individuals need to make sure that they have other ways to fund their retirement. Contact Copelin Financial Advisors today for help with your retirement planning.