How can I estimate my Social Security benefits?

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Q. I am 57 years old and retired with a pension. How does one find out his or her Social Security amount at age 62 and or age 67 to determine which age works best?
— Planning ahead

A. Congrats on your retirement.

The Social Security Administration makes this pretty easy for you.

The agency used to mail paper statements that included your earnings history and estimated benefits at different ages.

But now it’s all digital.

Start by going to the Social Security website.

If you haven’t created an account, just follow the instructions. Then when you log in, you will see your estimated benefits at age 62, at full retirement age and at age 70.

The website notes it can’t provide your actual benefit amount until you apply, and the amount may be different from the estimates because:

  • Your earnings may increase or decrease in the future.
  • Your actual benefits will be adjusted for cost-of-living increases.
  • Your estimated benefits are based on current law. The law governing benefit amounts may change. Congress has made changes to the law in the past and can do so at any time.
  • Your benefit amount may be affected by military service, railroad employment or pensions earned through work on which you did not pay Social Security tax.

The agency also mails paper statements to workers age 60 and older three months before their birthday if they don’t receive Social Security benefits and don’t yet have an online account. If you want to request one sooner, just follow these instructions.

Workers who don’t want to wait for their scheduled mailing can request their Social Security Statement by following these instructions.

The statement will arrive by mail in four to six weeks, the agency said.

Additionally, Social Security offers a calculator to estimate your benefits.

Email your questions to moc.p1603882307leHye1603882307noMJN1603882307@ksA1603882307.

This story was originally published on April 28, 2020.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.