Social Security



Social Security is an important part of your retirement income.  It will likely make up 25% to 30% of your monthly retirement income and, therefore, should not be ignored.  The Trustees believe that you should plan on receiving Social Security in retirement.  Predictions of doom and gloom with the Social Security trust fund will not result in the total loss of Social Security benefits.  While some adjustment in the benefits may be likely in some future year, such adjustments will likely be focused on the younger workers and not those nearing retirement.    Plan on receiving your Social Security benefits for the rest of your life.


You should find out about how much your Social Security benefit will be.  You can do this online at the Social Security website using their benefit “estimator”.  See the link below.  One thing to keep in mind is that the estimate they produce assumes you will continue to make the same amount of money each year from now until you turn age 62.  If you retire before that, your early retirement will cause your monthly Social Security income to be somewhat lower in amount. You can also contact your local Social Security office for help in estimating your actual monthly income. 


You will also want to consider your spouse’s social security income.  Typically, once your spouse reaches age 62, your spouse will receive an additional benefit that is 50% of your benefit for a total family income of ~150% of your benefit.  Your spouse’s benefit will be adjusted for your spouse’s age when that benefit begins and may result in a benefit that is less than 150% of the primary benefit.


You can get an estimate of your Social Security income by using the benefit estimator at the Social Security Administration website.


Internal Links


Back to How much retirement income do I need?

Back to Planning for Retirement


External Links


Social Security Website