How will your benefits stack up?
As mentioned above, your personal benefit will be based on both what you earn during your career and the age at which you begin your checkups.
The greater the difference between your wage and the wage basis per year, the smaller your benefit will be compared to the potential maximum. And the sooner you file for benefits, the more you’ll get less than the $4,194 maximum. To get an idea of what your benefits will be, assume that Social Security will replace about 40% of pre-retirement income. And keep in mind that you’ll significantly shrink your checks if you claim benefits before age 70.
Once you take these factors into account, it should be easy to see that Social Security alone won’t provide enough income to live on – so you’ll need to start saving to top it up if you haven’t already. .
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If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” can give your retirement income a boost. For example, one simple trick can save you as much as $16,728 more… per year! Once you know how to maximize your Social Security benefits, we think you can retire with confidence with the peace of mind we all strive for. Click here to discover how to learn more about these strategies.