Before you can plan your retirement income, you need to know what Social Security is actually going to pay you. Surprisingly, most people have no idea what that number is until they are close to filing. Do not wait that long.
The Social Security Administration makes it easy to find out right now, for free, in about ten minutes.
How to Create Your my Social Security Account
Start at the Social Security Administration's website and create a my Social Security account. You will sign in through Login.gov or ID.me, both of which are secure federal identity verification systems. To set up the account you will need a valid email address, your Social Security number, and basic identifying information.
Once you are in, pull up your Social Security Statement. It shows your complete earnings history and your projected monthly benefit at three different claiming ages: early retirement at 62, your full retirement age which is typically 66 or 67 depending on when you were born, and delayed retirement at 70.
Get Your Social Security Benefit Estimate
Why This Number Matters More Than Most People Realize
Social Security is usually the foundation of a retirement income plan. It is guaranteed, it is inflation adjusted, and it arrives every month for the rest of your life regardless of what markets do. But here is what most people discover when they actually look at the number: it covers a fraction of what they actually spend.
The difference between your projected Social Security benefit and your monthly essential expenses is your income gap. That gap is the problem we are solving for. Once you know your Social Security benefit, you have the first piece of the puzzle. The next step is comparing it to what you actually spend every month. That is exactly what the Retirement Paycheck Planner calculator is designed to help you do.