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You Should Check Your Social Security Balance Regularly — Here’s Why

GOBankingRates
GOBankingRates
 2022-01-24
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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 33% of the income of the elderly. But is it enough?

See: Social Security Trust Funds Will Run Out Earlier Than Expected Due To COVID-19
Find: All You Need To Know About Collecting Social Security While Still Working

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 $106,000, but more than half (58%) had savings worth less than $40,000, and a third had less than $10,000 saved.

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.

See: 5 Things Most Americans Don’t Know About Social Security
Find: 17 Tips To Live Comfortably Off Just a Social Security Check

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 .

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This article originally appeared on GOBankingRates.com : You Should Check Your Social Security Balance Regularly — Here’s Why

Comments / 311

Ethel Jones
2021-07-17

Mr.President all this tax credit money you'll giving parents with kids the biggest of these young parents didn't bother to vote for you n other's but we old n disable on ss ssdi veterans went out n stood on crutches walkers wheelchairs to vote for you but decided you're only concern is for parents with kids which the biggest of them are able to work but refuse because you'll are handing them everything n you're leaving us out while they're having a ball spending n enjoying trips while we're trying to figure out how we're going to pay out rent utility buy groceries n have enough for insurance to bury us mr.president you need think a the elderly disable n veterans by the grace of god we'll be at the polls when four years are up so help us by sending us some money this years we're in desperately need

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Lynnell Michelle Herbert
2021-07-16

who can save up on Social Security nobody you got to pay rent every month you got to pay bills every month and after that what you have left is little to nothing come on now we need help to all you seen to worry about is child tax credit what about us

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Joanne Thompson
2021-07-16

yeah you go to the store 1wk and the next wks the prices have gone up so much it's hard to buy food. I am on social security and I agree it's hard making ends meet

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