How Waiting Until 70 Can Boost Your Social Security Payments

Social Security is an important part of your retirement savings, but it shouldn’t be your only source of income. When planning for retirement, it’s a good idea to find out how much money you can expect from Social Security.

Luckily, you can estimate your future payments online for free. This article explains how you can check your Social Security benefits and make smart decisions about your future income.

What Is Social Security and Why Does It Matter?

Social Security provides monthly payments to retirees, disabled people, and surviving family members. It’s a government program designed to help support people who have paid into the system through their work.

Social Security is important, but it’s usually not enough to live on without other savings or pensions. That’s why it’s important to know how much you can expect and plan for the future.

How to Estimate Your Social Security Benefits

You can get a good idea of how much Social Security money you’ll receive in the future using the online tools provided by the Social Security Administration. Here’s how:

1. Use the Social Security Benefits Estimator Tool
   The Social Security Administration offers an easy-to-use tool that helps you estimate your future benefits. You can access it by going to this link. You’ll need to log in to your “my Social Security” account to see your personal estimate.
2. Estimate Your Social Security Disability Benefits (SSDI)
   If you are applying for Social Security Disability Insurance (SSDI) because of a disability, the tool can also help estimate how much you might receive based on your work history and credits.
3. Check Your Future Payments with a Social Security Statement
   Another way to find out about your future benefits is by downloading your Social Security Statement. This free document will show you how much you might receive between the ages of 62 and 70. You can compare the amounts for different ages and decide when you want to begin your benefits.

Why You Should Wait Until 70 to Apply for Social Security

If you can afford to wait, it might be a good idea to apply for Social Security benefits when you’re 70 years old.

By doing this, you can increase your monthly payments by 24%. This is because Social Security benefits increase for each year you wait past your full retirement age (usually 66 or 67).

What Else Does Your Social Security Statement Include?

Your Social Security Statement doesn’t just tell you about retirement benefits. It also includes important information about:

• Disability Benefits: What you might get if you become disabled.
• Medicare: When you’ll be eligible for health coverage.
• Survivor Benefits: How your family might benefit if something happens to you.
• Earnings Record: A history of your work and earnings that have contributed to your benefits.

It’s a good idea to download this statement and review it carefully to plan your future.

Knowing how much Social Security you can expect to receive is an important part of planning for your future. Use the online tools provided by the Social Security Administration to get an estimate of your benefits.

Remember, Social Security should be a part of your overall retirement plan, not the only source of income. By using these resources, you can make smart decisions about when to start receiving benefits and how to plan for a secure retirement.