SOCIAL
SECURITY: WILL IT BE ENOUGH FOR RETIREMENT?
by Dakota Caudilla
Social
Security retirement benefits are based on three major factors: you
current age, your age when you begin receiving benefits, and your
past earnings.
You
are free to stop working and start receiving Social Security benefits
anytime between the ages of 62 and 70. But you age impacts on how
much you will end up getting. In the past, you would expect to get
your full benefits once you hit that magical age of 65. But that's
not quite how Social Security works now.
There
are many sources of information on the Internet to guide you towards
making an informed prediction of whether Social Security will be
enough to cover your expenses when you retire.
Your
first stop on the Internet is the Social Security Administration
website. Access this website directly at www.ssa.gov. Be prepared
to learn the worst.
For
the vast majority of Americans, Social Security benefits will not
provide enough of an income and to cover expenses and make retirement
comfortable.
Most
people think that once they retire their expenses will be reduced.
But just think ahead a little. Maybe you've always had a dream about
your life in retirement. That dream may have included taking up
a hobby or it may have included some travel. Depending on your retirement
plans you may need a higher income than what Social Security is
planning to provide you.
You
can find out what your Social Security benefits will be by making
the relevant calculations. Finding out how much you will be earning
when you retire seems very complicated, but there are tools on the
Internet that you can use right now to get you all the information
you need to plan for a comfortable retirement.
There
are tools available online to help you calculate your retirement
income. The Social Security Administration website provides online
calculators to help you estimate your potential benefit amounts
and different levels of potential future earnings.
And
remember. It's never too late to start planning for retirement.
Most people seriously begin thinking about their retirement when
it is just around the corner. But even so, it is never too late.
Start now. Be prepared.
About
the Author
Dakota Caudilla, journalist, and website builder Dakota Caudilla
lives in Texas. He is the owner and co-editor of http://www.great-senior-living.com
on which you will find a longer, more detailed version of this article.
