According to recent research conducted by the National Institute on Retirement Security, only 11% of Americans who have not yet retired are aware of the exact amount of Social Security benefits they are eligible to receive. The survey, which included over 1,200 individuals aged 25 and above, revealed that 24% of respondents were “not very sure” about their benefit amounts, while 22% had no idea at all. This lack of awareness points to a concerning trend among non-retired individuals.
Many individuals rely on Social Security benefits as a significant source of income during retirement. In 2024, around 68 million Americans will be receiving monthly Social Security benefits, totaling approximately $1.5 trillion in benefits paid out over the year. On average, retired workers receive $1,918 per month. Despite this, many individuals do not realize that they do not need to be retired or close to retirement to start understanding their Social Security benefits.
Accessing Your Social Security Statements
To help individuals of all ages gauge their benefits, the Social Security Administration offers detailed statements. Individuals aged 18 and above can access their records online by setting up a “My Social Security” account on the agency’s website. Those aged 60 and over who prefer paper statements can still receive them by mail. It’s crucial for all individuals to be proactive in checking their benefit estimates and understanding what they can expect from Social Security.
One significant reason to review your Social Security statements regularly is to verify that your earnings history is accurate. Errors in your wage history can impact the amount of benefits you are eligible to receive. By checking your statements annually, you can ensure that any discrepancies are corrected promptly. If you notice missing or incorrect earnings, you can take steps to rectify the issue by providing the necessary documentation to the Social Security Administration.
As the Social Security Administration transitions to a more secure online system, it’s essential for account holders to be vigilant against potential fraud. Beware of emails that may redirect you to false websites designed to steal your personal information. Always ensure that you are entering your information on a secure “.gov” website to protect your data. Additionally, it’s advisable to access the official Social Security websites directly rather than clicking on email links to mitigate the risk of fraudulent activity.
With concerns about the trust funds running low, some individuals may worry about the sustainability of Social Security benefits in the future. It’s crucial to remember that Congress is likely to make adjustments to ensure the program’s long-term viability. Younger workers contributing to the program through payroll taxes can still expect to receive benefits, albeit potentially at a reduced rate. It is advisable for individuals at all stages of their careers to stay informed about their Social Security benefits and plan accordingly for retirement.
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