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Social Security is the main source of income for a majority of seniors in the United States According to data from the Social Security Administration, nearly 9 in 10 people aged 65 and over receive Social Security benefits, which represents 33% of the income of the elderly. . But is it enough?
See: 5 Things Most Americans Don’t Know About Social Security
Find: 17 Tips for Living Comfortably With Just One Social Security Check
Vanguard’s latest report indicates that most Americans are unprepared for the retirement years, as reported by the WFAA. The average retirement account balance was just over $ 106,000, but more than half (58%) had savings worth less than $ 40,000 and a third had less than $ 10,000 in saving.
Related: Next Year’s Social Security Checks Could Get COLA’s Biggest Increase in 13 Years
The Social Security Administration regularly sent updates regarding estimated future benefits, reports the WFAA. The amount received is based on the 35 years in which a person earned the most. Although the administration no longer sends updates, you can still access them. By creating an identifier with Social Security, you can log in and it will tell you if you have worked enough to get a monthly allowance. WFAA also added that the site will reveal what your monthly payment might be, based on your income history.
Read: Most Americans say they won’t wait until age 70 to claim Social Security benefits, latest poll finds
Learn: When Social Security runs out: What the program will look like in 2035
WFAA also pointed out that this tool shows you how much less you would receive if you started withdrawing early at 62 rather than waiting for the maximum amount at 70. spouse, ex-spouse or deceased spouse, as well. If an ex-spouse receives higher benefits, you may receive additional benefits on their record, as previously reported by GOBankingRates.
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Last updated: July 16, 2021
This article originally appeared on GOBankingRates.com: You Need to Check Your Social Security Balance Regularly – Here’s Why
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