Most people don’t know how much their Social Security retirement benefit could be. Here’s how to find out – NBC New York

• Social Security is the main source of income for most retirees.
• However, most people do not know how much income they can receive under this program.
• Below you’ll find information on how to access your Social Security retirement benefit estimate.

For most retirees, Social Security benefits are their main source of income.

Yet, according to a new study by the National Institute for Retirement Security, only 11% of non-retired Americans say they know exactly how much benefit they could receive.

At the same time, 24% of respondents are “not sure” about the amount of their benefits, and 22% say they have no idea, according to a survey conducted in October among a group of over 1,200 people aged 25 and over.

Men are more likely than women to say they have an accurate or very good idea of ​​the amount of monthly Social Security income they might ultimately receive, the NIRS survey found.

In 2024, nearly 68 million Americans will receive a monthly Social Security benefit, totaling about $1.5 trillion in benefits paid out each year. Retired workers receive an average of $1,918 per month.

But experts say it’s important to know that you don’t have to be retired or close to retirement to estimate the amount of Social Security benefits you could receive.

How to Get an Estimated Social Security Benefit

To help workers of all ages estimate their benefits, the Social Security Administration provides detailed charts.

People 18 and older can check their information online by creating a “My Social Security” account, according to the agency. Workers 60 and older who don’t have online accounts can still expect to receive paper statements in the mail. Anyone can request paper statements.

“Workers can go to the Social Security Administration website, log into their account and get an estimate of their future benefits,” Tyler Bond, NIRS’s director of research, said during a presentation of the company’s research Tuesday.

“Most workers clearly haven’t done that and don’t have a good idea of ​​what they will personally receive from Social Security,” Bond said.

What your online statements will tell you

According to Joe Elsasser, a certified financial planner and president of Covisum, a Social Security claims processing software company, people between the ages of 62 and 70 should first check their Social Security statement to see how annual cost-of-living changes affect their monthly benefit payments.

However, for younger workers it is still worth checking the statements.

“The best way to think about it is what your standard of living would be under Social Security if you continued to work, continued to receive a wage that kept pace with inflation,” Elsasser said. “That’s what Social Security’s statement tells you.”

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It can also help you estimate how much of your income could be replaced by Social Security benefits when you retire.

For example, if you currently earn about $6,000 a month and your Social Security statement shows an estimated monthly benefit amount of $2,000, about one-third of your pre-retirement income could be replaced with Social Security benefits, Elsasser said.

However, it is important to remember that these statements are only a snapshot in time and do not include projections of wage increases or future changes in the cost of living.

If you have less than 35 years of earnings history, your estimated benefit amount may fluctuate, Elsasser says, because even one extra year of higher earnings can have a significant impact.

“The closer someone is to age 62, the more accurate their data is,” said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator.

What to look for

One important reason to check your Social Security statements is to make sure there are no errors in your earnings history.

Blair said it’s a good idea to check your Social Security statement annually for your earnings history as soon as it’s updated.

He added that in most cases the data is correct, although errors do occur.

“If you see earnings that are missing or not being posted correctly, you can fix it,” Blair said. “The sooner you notice it, the easier it will be to fix.”

To correct your earnings, you can take your W-2 form (or Schedule SE, if you’re self-employed) to your local Social Security Administration office, Blair said. (To make an appointment or get help by phone, call 1-800-772-1213.)

Other forms of evidence can also be used to verify earnings, according to the SSA, including tax returns, pay stubs, pay slips, personal pay records or other documents. The agency will also conduct an investigation based on the facts you remember if you don’t have a paper proof.

As the Social Security Administration asks online account holders to update their accounts as part of a move to a more secure system, account holders should also be wary of scams, Elsasser said.

He added that the emails could redirect unsuspecting people to fake links that are not affiliated with the SSA in order to steal their personal information.

Before entering any information, make sure the link is a secure “.gov” site, Elsasser said. More importantly, instead of clicking on email links, opt to type “SocialSecurity.gov” or “SSA.gov” into the search bar.

Of course, as Social Security trust funds are depleted, potential beneficiaries may worry about not receiving benefits when they retire. Ultimately, Congress will likely implement changes to protect Social Security. Still, younger workers who pay into the program through payroll taxes should still expect some refund, Elsasser said.

“It’s perfectly reasonable to expect benefits to be cut for younger people,” Elsasser said. “But to plan for there to be none at all is a bad assumption.”