When it comes to the questions around Social Security and what is the best option for you, you are not alone. Over 47% of Americans ages 50 and above could not pass a simple 5 questions Social Security survey done by a recent MassMutual online survey. The good thing about this is, those numbers are improving. A similar study done a few years ago led to 72% of defeat by adults ages 50 and above. Now, what does this tell you? Social Security benefits are a critical part of anyone’s retirement and it is often overlooked due to lack of knowledge and expertise.
The maximum benefit you may receive from Social Security is around $3,500 per month. This monthly payout is equal to $42,000 per year in benefits from the Social Security Administration (SSA). This is equivalent to a MILLION dollars in your retirement account.
Of course, not everyone will be receiving the maximum payout given by the SSA. But, even if you are receiving a monthly check of $1,200, that is the equivalent of $360,000 in your account. Today, the average amount saved by adults ages 50 and above is around $160,000. Now you can see how critical your Social Security benefits are; don’t you think it would be important to understand these benefits and ensure you are choosing the right options for you?
Okay, Social Security is not as simple as looking at a few numbers and hoping that they fit your lifestyle, you may still need questions answered. How do you begin to look for the answers to your other questions? When do you start receiving your full Social Security benefits? Is my spouse covered under my benefits even if they didn’t contribute? How do I go about deciding which options are right for me? When is it right for me to start Social Security benefits that will give me the most payout? The questions could go on and on…
The answers to these questions become critical when you retire to ensure you are maximizing your benefits and, in many cases, provide you with the income you need to retire. This isn’t just a lack of knowledge, but a lack of action.
There is as much as a million dollars on the line available to you. The truth is, over 60% of people have not even registered themselves on the SSA website to see their benefits. If someone could show how to put a million dollars in your account, wouldn’t you like to know?
The easiest way for you to get a few of these questions answered is by going to ssa.gov to create an account and see your benefits. To get the critical questions answered and make sure you are choosing the best option for you and your situation, you may need to work with an expert.
Public Sector Investor knows how critical this benefit is to you and has decided to partner with experts in the Social Security world. With the vast number of options, and the difference a few decisions can make, it is essential to your success to sit with an expert and explore your options.