How Much Will I Receive in Social Security?
While Social Security was never intended to be the only source of retirement income, it is a core part of Americans’ retirement security and often the only long-term, inflation-proof source of income for many Americans. In fact, 44 percent of North Dakota] residents age 65 and older rely on the program for at least half of their income.
How to Estimate Your Social Security Income
The amount of Social Security you will receive depends on a number of factors, such as your lifetime income history, the age at which you claim benefits and, in some cases, your marital status.
If you are looking for an estimate of your future monthly Social Security income, check out AARP’s Social Security Calculator. This resource can help you decide when to claim and show you how to maximize your benefits based on your circumstances.
When Should I Collect Social Security?
Generally, it is best to collect Social Security as late as possible. Your monthly payments will be larger the longer you wait, up to age 70. Whenever you claim, your benefit amount will reflect past cost-of-living adjustments, so you don’t risk losing ground to inflation by waiting to collect.
Ultimately, though, this is a question only you can answer, based on your own situation: your age, health, monthly expenses and other sources of retirement income, such as pensions, annuities or savings. For a tailored look at your prospective financial future, try the AARP Retirement Calculator. This tool can help you determine how much money you’ll need to live the retirement you want, based on information about your household status, savings, Social Security income and lifestyle expectations.
This story is provided by AARP North Dakota. Visit the AARP North Dakota page for more news, events, and programs affecting retirement, health care, and more.
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