You Should Check Your Social Security Balance Regularly — Here’s Why

Mature men at home during pandemic isolation have conference  call.
svetikd / Getty Images

Social Security is the main source of income for a majority of the elderly in the U.S. According to data from the Social Security Administration, nearly 9 out of 10 people age 65 and older receive Social Security benefits, representing 33% of the income of the elderly. But is it enough?

See: 5 Things Most Americans Don’t Know About Social Security
Find: 17 Tips To Live Comfortably Off Just a Social Security Check

Vanguard’s latest report says that most Americans aren’t prepared for retirement years, as reported by WFAA. The average retirement account balance was a little more than $106,000, but more than half (58%) had savings worth less than $40,000, and a third had less than $10,000 saved.

Related: Next Year’s Social Security Checks Could Get Biggest COLA Bump in 13 Years

The Social Security Administration used to send regular updates regarding estimated future benefits, reports WFAA. The amount received is based on the 35 years in which an individual earned the most. While the administration is no longer sending updates, you can still get access to them. By creating a login with Social Security, you can sign in and it will tell you if you have worked enough to get a monthly benefit. WFAA also added that the site will reveal what your monthly payment may be, based on your history of earnings.

Building Wealth

Read: Most Americans Say They Won’t Wait Until 70 to Claim Social Security Benefits, According to Latest Survey
Learn: When Social Security Runs Out: What the Program Will Look Like in 2035

WFAA also pointed out that this tool shows you how much less you would receive if you begin withdrawing early at 62 rather than waiting for the maximum amount at the age of 70. You can check the benefit you would receive by claiming Social Security benefits under your spouse, ex-spouse or deceased spouse, as well. If an ex-spouse is receiving higher benefits, you may receive additional benefits on their record, as previously reported by GOBankingRates.

More From GOBankingRates:

Last updated: July 16, 2021

About the Author

Josephine Nesbit is a freelance writer specializing in real estate and personal finance. She grew up in New England but is now based out of Ohio where she attended The Ohio State University and lives with her two toddlers and fiancé. Her work has appeared in print and online publications such as Fox Business and Scotsman Guide.

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.