Social Security Expert Shares That You Should Check Your Social Security Balance Regularly
Written by
Josephine Nesbit
Edited by
Amen Oyiboke
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Social Security is the main source of income for a majority of the elderly in the U.S. According to data from the Social Security Administration, nearly 9 out of 10 people age 65 and older receive Social Security benefits, representing 30% of the income of the elderly. But is it enough?
Vanguard’s latest report says that most Americans aren’t prepared for retirement years, as reported by WFAA. The average retirement account balance was a little more than $112,572 and the median balance was $27,376, a 23% decrease since 2021.
The Social Security Administration used to send regular updates regarding estimated future benefits, reports WFAA. The amount received is based on the 35 years in which an individual earned the most. While the administration is no longer sending updates, you can still get access to them. By creating a login with Social Security, you can sign in and it will tell you if you have worked enough to get a monthly benefit. WFAA also added that the site will reveal what your monthly payment may be, based on your history of earnings.
WFAA also pointed out that this tool shows you how much less you would receive if you begin withdrawing early at 62 rather than waiting for the maximum amount at the age of 70. You can check the benefit you would receive by claiming Social Security benefits under your spouse, ex-spouse or deceased spouse, as well. If an ex-spouse is receiving higher benefits, you may receive additional benefits on their record, as previously reported by GOBankingRates.
More From GOBankingRates
- The Single Best Thing To Buy at Costco in April 2024
- 10 Cars That Outlast the Average Vehicle
- This is One of the Best Ways to Boost Your Retirement Savings in 2024
- 7 Things You'll Be Happy You Downgraded in Retirement
