When I retire, how much will I receive from Social Security?
That depends upon how much you have earned and how long you have worked under the Social Security system. Your retirement benefit will be based on your average lifetime earnings. Don't worry if you started out as a busboy and worked your way up to executive restaurant guru--only your highest 35 years of earnings will count.
The amount you receive will also be affected by whether you start collecting benefits early (you'll get less), whether you collect benefits late (you'll get more), whether you work after you retire, whether other family members receive benefits based on your earnings record, whether you collect certain other government benefits, and whether the cost of living rises.
You can estimate your retirement benefit online based on your actual earnings record using the Retirement Estimator calculator on the Social Security website (www.ssa.gov). You can create different scenarios based on current law that will illustrate how different earnings amounts and retirement ages will affect the benefit you receive. You can also sign up for any Social Security account so that you can view your online Social Security Statement. Your statement contains a detailed record of your earnings, as well as estimates of retirement, survivor's, and disability benefits. It also includes other information about Social Security that may help you plan for retirement. If you're not registered for an online account and are not yet receiving benefits, you'll receive a statement in the mail every five years, from age 25 to age 60, and then annually thereafter.
Important Note: Equitable believes that education is a key step toward addressing your financial goals, and this discussion serves simply as an informational and educational resource. It does not constitute investment advice, nor does it make a direct or indirect recommendation of any particular product or of the appropriateness of any particular investment-related option. Your unique needs, goals and circumstances require the individualized attention of your financial professional. Asset allocation and rebalancing do not guarantee a profit or protection against investment loss.
Equitable Financial Life Insurance Company (NY, NY). Securities are offered through Equitable Advisors, LLC, NY, NY 212-314-4600 (member FINRA / SIPC). Equitable and Equitable Advisors are affiliated companies, do not provide legal or tax advice and are not affiliated with Broadridge Investor Communication Solutions, Inc.