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Social Security Benefits: You Should Pay Attention To The Crucial Facts Before Your Full Retirement Age

Social Security Benefits
Social Security Benefits; Source- Investopedia

You should anticipate hearing from the SSA if you’re getting close to 60 years old. Pre-retirees receive Social Security statements from the SSA every year. These statements provide information on potential monthly payments based on your earnings history and the time you choose to claim benefits when you file for benefits. You can access your statement online by creating a My Social Security account if you haven’t received it or lost the one you did receive. According to the agency’s website, Social Security statements are mailed three months before a worker’s birthday to those 60 years of age and older who do not have a Social Security account.

Social Security Benefits

Social Security Benefits; Source- AARP

Estimated Retirement Benefits

To make it simpler for consumers to locate important information, SSA revised the statement. Depending on when you wish benefits to begin, a bar graph showing your estimated individual retirement benefits at nine various ages is included in the new statement. It also contains information about how to convey a mistake if you find one, as well as your earnings history. To be informed of any changes that may affect your benefits, the agency advises you to check the statement at least every year. As you approach your 60s, register with the Social Security Administration and wait for your statement. Reviewing your statement is a good idea even if you don’t intend to retire or start receiving benefits for ten or more years.

Your Statement Can Hike Your Social Security Payment

Your statement should include a year-by-year earnings record that shows you how much money you made each year you worked. Verify again if the information appears to be true. Additionally, based on your earnings history to date and the age at which you choose to enroll in Social Security, the statement will provide you with tailored monthly retirement benefit projections. Look over this to find out how much to anticipate at specific ages. Remember that this is just a guess. The exact amount may change after you submit a benefit claim. If applicable, disability benefits will indicate if you have accumulated enough credits to be eligible for disability. Additionally, you can find out from survivor benefits if you have accrued enough credits to qualify your eligible family members for survivor benefits.

Monthly Benefits For Family Members

Your spouse and any minor children are among the family members who may be eligible for monthly benefits upon your passing. You should examine those years to determine how much they affected the benefits you receive from Social Security if you experienced a decline in income during your career because of a layoff, a health problem, or just taking a few years off from work to raise children or take care of a family member. Working long enough to make up for your low-earning years is a wise move if you want to get a larger Social Security benefit. The amount of your pension is determined by the 35 years of your highest earnings. Years without employment are counted as zero if you have less than 35 years of earnings history, which may lower your benefit amount.

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