Once you reach age 25, the Social Security Administration (SSA) will send an annual report on your individual account. This report will highlight potential benefits from your account and is a valuable tool for your use when considering ways to plan for your retirement and other financial needs.
Social Security should be only one of a number of sources for income during retirement. Other sources may include an employer pension and your personal retirement savings in the form of an individual retirement account (IRA).
When you receive your statement, take some time and go over its contents. Are the reported earnings correct? If not, report any errors to the SSA. It’s much easier to do now than after you retire.
How do the projected benefits fit within your retirement needs? Will you have enough from other sources to fill any gaps?
These are important questions a financial professional can help you answer. A financial professional can also help you find ways to plan for a retirement that relies less on Social Security and more on options that are suitable to your needs and comfort level.
There are a number of products and services available to help you attain the retirement you desire. An early start at developing your personal plan will make your goals more attainable.
