The more you know about Social Security, the more money you can get out of it.
Published 10:00 AM EDT Jun 27, 2019
If you don't have a big, fat pension income coming to you in retirement, you'd better be sure you're very familiar with Social Security and know how to get the most out of the program. Here are five critical things you should know about Social Security. Getting them under your belt will help you not leave valuable retirement income on the table.First things first. If you haven't already done so, head over to the Social Security Administration website and set up a my Social Security account. Doing so will let you access a good estimate of how much income you can expect to receive from Social Security, based on your earnings history, so far.
With a my Social Security account, you can correct errors, request a replacement Social Security card , and take care of other Social Security business. Better still, setting up an account can also prevent identity theft and headaches – as some scammers out there have been setting up accounts in the names of people who haven't yet done so, aiming to collect their benefits.No.
It's also valuable to understand how your benefits are calculated, as you have some control over some of the numbers that go into the formula. For starters, know that the formula incorporates how much you earned in the 35 years in which you earned the most . So if you only earned income in 30 years, the formula will be incorporating five zeros, which leaves you with less in benefits.
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