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Even if you're nowhere near retirement, you can still get an idea of how much you'll receive in benefits.
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Social Security benefits are a lifeline for millions of older adults. Roughly 90% of current retirees say they rely on their checks to some degree, according to a 2023 poll from Gallup, and of that group, close to 60% say their benefits are a major source of income.
If you're going to be depending on Social Security to any extent, it's often helpful to know how much you can expect to receive. This can give you a more realistic idea about how far your benefits will go, making it easier to see whether you're saving enough to cover the rest of your expenses.
The good news is that it only takes a few minutes to see an estimate of your future benefit amount. And if it's less than what you expected, there are a few simple ways to boost your monthly checks.
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Perhaps the easiest way to see your future benefit amount is to check your statements online. If you haven't already, you'll first need to create a mySocialSecurity account. From there, you can see an estimate of your future benefit based on your real earnings throughout your career.
Keep in mind, however, that you have to qualify for benefits before you'll see an estimate. If you haven't worked and paid Social Security taxes for at least 10 years, you likely won't be eligible for retirement benefits yet.
Also, this estimate is the amount you'll receive at your full retirement age (FRA). Your FRA is the age at which you'll receive 100% of your benefit based on your earnings history, and it's age 67 for everyone born in 1960 or later.
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You can file before or after your FRA, but it will affect your benefit amount. By claiming as early as possible at age 62, your payments will be permanently reduced by up to 30%. Delay benefits past your FRA (up to age 70), and you'll receive your full benefit plus a bonus of at least 24% per month.
Finally, if you still have many years left in your career, that could also affect your benefit amount -- especially if your income changes dramatically between now and retirement.
Delaying filing for Social Security is one of the most straightforward ways to increase your benefit amount. Again, waiting until age 70 to claim will boost your payments by at least 24%, which can amount to hundreds of dollars per month. There are a few other options, though, for increasing your benefits:
Small steps can go a long way toward earning larger Social Security checks. If you can't work more than 35 years, delay benefits until age 70, or substantially increase your income, that's OK. Maybe you can delay claiming by just one or two years, for example, or increase your income by a couple thousand dollars per year. Either one of those moves could still result in a bigger monthly benefit.
Social Security can make an enormous difference in retirement, so it's wise to make the most of it. By checking your estimated benefit and maximizing your payments the best you can, you'll be setting yourself up for a more financially secure retirement.