How Do I Know What I Will Receive in Social Security Benefits?

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By on October 19, 2017 in Q&A, Retirement with 0 Comments

Social Security card with $100 dollar bills and a financial statement

Q: I just finished reading your article How Much Do I Need in Savings If I Want $X Per Year in Retirement and Not Run Out of Money? and have a question.

I am a federal law enforcement officer.  I will be retiring at age 55.  I am mandatory at age 57.  Whenever I request my Social Security Statement, it estimates what I would receive at different ages, assuming that I am continuously working.

How do I figure out what I will actually receive in Social Security benefits if I retire at age 55?

A:  Social Security has a tool for this. Go here: https://www.ssa.gov/retire/estimator.html and scroll towards the bottom to the blue button.

Type in your personal info and it should be able to find your account, assuming you have created an account with them.

At first, it will give you the standard ages for retirement and what benefit you would receive; but it assumes you continuously work until that age.

You can select a different age you stop working, and then it will pop up with the new benefit you would receive for early retirement (62), your standard retirement and at age 70.  I just did it and it gave me my estimated retirement. Good luck!

The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. Carefully consider your investment objectives, risk factors before investing. Investing involves risk, including the possible loss of principal. Diversification and asset allocation may not protect against market risk. Nothing in this article is intended as legal or tax advice. Please consult with your independent legal or tax advisor to seek advice based on your particular circumstances. For a list of states in which I am registered to do business, you can visit www.adviserinfo.sec.gov and search for my name.

© 2019 Alexis Hongamen. All rights reserved. This article may not be reproduced without express written consent from Alexis Hongamen.

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About the Author

Alexis Hongamen founded FederalRetirementAdvice.com to exclusively help civil servants with their financial planning and investment needs. As a 28 year federal employee & a Chartered Retirement Planning Counselor, he writes about financial matters of concern to federal employees and retirees. He can be reached at (407) 900-1653.

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