SSA Launches Retirement Planning Portal: Calculate Benefits, Check Earnings History
The Social Security Administration (SSA) has simplified retirement planning for Americans with an online portal. The website enables users to view current estimates and calculate future benefits, considering factors like health status, family longevity, other income sources, and needs.
The SSA website offers a tutorial to guide users through the process. Anyone can create a login to access these services. Benefits can be claimed as early as age 62, but delaying can secure a higher monthly benefit. The full retirement age is generally 67.
The website also provides tools to check earnings history, helping ensure accuracy and plan spousal strategies. Social Security is funded through payroll tax, with a dedicated section on paystubs.
Currently, Social Security is projected to be fully funded until 2033. However, without adjustments, it may only pay out 77% of benefits after 2033. The funding status is subject to change due to demographic and economic factors, and the website does not provide specific information on the current financial status of Social Security in the United States.
The Social Security website is a valuable resource for Americans planning their retirement. It offers tools to calculate benefits, check earnings history, and understand the implications of claiming benefits early or delaying them. While Social Security is projected to be fully funded until 2033, users should be aware of potential future adjustments and the importance of planning for their retirement income.
