These Are the Best Resources for Understanding and Managing Your Social Security Benefits
When it comes to understanding Social Security, there is a common belief that this system can be far more complicated than one might think. The reality is that this is a very complex program that requires seven college degrees to truly understand all of its ins and outs. While seven college degrees are an exaggeration, […] The post These Are the Best Resources for Understanding and Managing Your Social Security Benefits appeared first on 24/7 Wall St..
When it comes to understanding Social Security, there is a common belief that this system can be far more complicated than one might think. The reality is that this is a very complex program that requires seven college degrees to truly understand all of its ins and outs.
Social Security can feel overwhelming and complicated at times.
These resources will help you better understand your benefits.
Using these calculators and tools will help you better plan for your retirement spending and saving.
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Key Points
While seven college degrees are an exaggeration, there is no question that for everyone who is about to take advantage of Social Security benefits or wants to know more, using these resources should help you better understand and manage your benefits.
9. Reddit
This will be a controversial addition to this list, but r/SocialSecurity is a fantastic resource for those with basic and individualized questions about the Social Security program. The posts go back years, and more than 86,000 members are available to help with anything you want to ask.
How It Helps
When all else fails, turn to the Social Security subreddit to find answers to questions like if the website is down or what happens if you have trouble at your local Social Security office.
8. Quick Calculator
On the Social Security website, SSA.gov, you can find the “Quick Calculator.” If you want to get right to the heart of what your benefits will be both now and potentially with inflation in the future, this website is the way to go.
How It Helps
All it takes to find answers through the Quick Calculator is to enter your date of birth, current earnings, future retirement date option, and whether you want to see the payout in today’s or future (inflated dollars). It’s that simple, though you can play with the math to see what happens if you take benefits at 62, 67, and 70.
7. RSSA
If you’re looking for additional help with getting into the Social Security program and its benefits, look to the Registered Social Security Analysts website at rssa.com for help. This group is dedicated to helping you optimize your Social Security benefits through the opportunity to talk to a live person who is well-versed in all things Social Security.
How It Helps
In the same way a financial advisor can help you plan for your retirement, a Social Security advisor can help you with answers to all of your questions, help you fill out the application for Social Security, and have multiple certifications verifying their knowledge.
6. National Council on Aging
The National Council on Aging is a fantastic resource for seniors. Available at www.ncoa.org, it has a host of friendly resources that can explain the ins and outs of the Social Security program. The best part of this website is that it’s pretty jargon-free, which makes it easy to follow even for Social Security newbies.
How It Helps
Whether learning how to boost your benefits or when to take your benefits, the sheer volume of articles available can help you learn anything and everything about Social Security. Better yet, you can look at articles to help you understand if you qualify for spousal or survivor benefits.
5. Maximize My Social Security
Maximize My Social Security costs $49 annually, and it is a CNBC favorite recommendation. As soon as you pay and sign into this website, you can use its tool to help you understand the best potential strategy for claiming your benefits and why.
How It Helps
The website’s founder, Laurence Kotlikoff, is a leading authority on Social Security benefits. His website is dedicated to understanding Social Security as a whole program and explaining why waiting until age 70 to take your benefits is the best option.
4. Consumer Financial Protection Bureau
A government-funded group and website, the Consumer Financial Protection Bureau does a great job of answering some basic but essential questions about Social Security. ConsumerFinance.gov has calculators, resources, and more to explain everything.
How It Helps
As soon as you land on the Consumer Finance page, you’ll find a calculator that helps you understand your estimated benefits at various ages. In addition, there are sources to help you understand how being married affects benefits, or if you plan to continue working in your 60s and have additional income resources.
3. Open Social Security
A Reddit favorite for getting right to the heart of your lifetime value from Social Security, this free and open-source calculator from Open Social Security is an excellent website for tackling the basic math around your primary insurance amount.
How It Helps
While plenty of other calculators exist, none is as simple and easy-to-follow as Open Social Security. Everything is on one page, and it requires little more than your marital status, gender, date of birth, and the amount of your primary insurance benefit that you believe you will receive. You can find your benefits’ total proposed lifetime value when you enter this information.
2. AARP
A not-at-all surprising resource that hits well for learning more about Social Security benefits is AARP. Available through www.aarp.org, there is a host of information available as well as recent news that might be available about changes to benefits or the program itself.
How It Helps
With detailed articles breaking down important topics like spousal benefits, the AARP website explains everything well without the jargon overload. The website’s benefits calculator will give you a good idea of where you stand, and it helps you understand how Social Security works alongside things like healthcare in retirement.
1. Social Security Administration
It won’t come as any surprise that the Social Security Administration is the best resource to learn everything you want about Social Security benefits. Please consider this site (www.ssa.gov) as the cornerstone of everything you want to know about the program and the agency responsible for running it.
How It Helps
Log in to your “My Social Security” page to look at your earnings history, see estimated future benefits, and access in-depth guides on everything, including eligibility, cost of living, and even payment schedules, all of which are easy to read for all ages.
The post These Are the Best Resources for Understanding and Managing Your Social Security Benefits appeared first on 24/7 Wall St..
