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Deciding when to start receiving your retirement benefits from Social Security is a decision that only you can make, and you should make that decision with as much information as possible.

Social Security Tips & Info

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3 Questions to Ask Yourself As You Plan For Retirement

(January, 2018)

Deciding when to start receiving your retirement benefits from Social Security is a decision that only you can make, and you should make that decision with as much information as possible. There are a lot of important questions to answer.

Should you claim benefits earlier and get a smaller monthly payment for more years? Or should you wait and get a bigger monthly amount over a shorter period?

There are no right or wrong answers, but we encourage you to consider these three important questions as you plan for your financially secure retirement:

How much money will I need to live comfortably in retirement?

Anticipate what your expenses will be in retirement, including things like mortgage payments or rent, utilities, healthcare insurance and related costs, food, personal care, car payments and maintenance, entertainment, hobbies, travel, and credit card or other debt. Also, consider whether you’ll need to provide for your spouse, children, or grandchildren.

What will my monthly Social Security retirement benefit be?

The average monthly Social Security benefit for a retired worker in 2018 is $1,404 (up from $1,377 in 2017). The average monthly Social Security benefit for a disabled worker in 2018 is $1,197 (up from $1,173 in 2017). As a reminder, eligibility for retirement benefits still requires 40 credits (usually about 10 years of work). The Social Security Act details how the annual Cost of Living Adjustment (COLA) is calculated. You can read more about the COLA at www.socialsecurity.gov/cola. The best way to get an estimate of your retirement benefit is with a my Social Security account. Get yours today at www.socialsecurity.gov/myaccount.

Will I have other income to supplement my Social Security benefits?

Secure your financial future with a retirement portfolio that includes savings, investments, and possibly a pension plan. If you're willing and able, you may choose to increase your income by working past retirement age. Social Security replaces a percentage of a worker's pre-retirement income based on your lifetime earnings. The amount of your average wages that Social Security retirement benefits replaces varies depending on your earnings and when you choose to start benefits. If you start benefits at age 67, this percentage ranges from as much as 75 percent for very low earners, to about 40 percent for medium earners, to about 27 percent for high earners. If you start benefits after age 67, these percentages would be higher. If you start benefits earlier, these percentages would be lower. Most financial advisors say you will need about 70 percent of pre-retirement income to live comfortably in retirement, including your Social Security benefits, investments, and other savings.


Maria Ortega is a Public Affairs Specialist for the Social Security Administration. Her weekly column on all things Social Security appears in the Sunday Edition of the Sun-Sentinel. She conducts speaking engagements about Social Security programs and is always available to address issues that may affect the public. She coordinates exhibits, fairs, conventions and seminars and serves as an Agency contact with news media, community organizations and advocacy groups.

Maria has agreed to let us reprint her articles here for your convenience.

Thank you Maria!


Social Security Tips & Info