How do you know how much money you will receive from Social Security?


Quick Answer

Individuals can receive an estimate of their future Social Security benefit payments by creating an account and logging on to the My Social Security program on the Social Security Administration website. They can also make estimates with various retirement dates and financial scenarios using online Social Security calculators.

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Full Answer

Individuals create a My Social Security account by providing personal information, a Social Security number, a phone number and an email address, along with security information such as answers to personal questions, a username and a password. On My Social Security people can access their Social Security statements, which provide information such as yearly earnings, Social Security and Medicare taxes paid, and estimates of future benefits. They can receive a benefit verification letter detailing the current status of their benefits. If they already receive benefits they can change contact and direct deposit information.

Online calculators on the Social Security Administration website allow users to estimate future benefits based on projected earnings and retirement dates. Separate tools calculate life expectancy and full retirement age. The quick calculator gives a benefit estimate based only on date of birth and the current year's earnings, while a more detailed downloadable calculator gives more precise benefit estimates. Individuals who have enough Social Security credits for benefits, but have not yet begun to receive them, can also use the online retirement estimator.

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