{"id":8876,"date":"2024-12-02T10:00:52","date_gmt":"2024-12-02T10:00:52","guid":{"rendered":"https:\/\/finderica.com\/how-much-social-security-should-i-be-getting\/"},"modified":"2024-12-02T10:00:52","modified_gmt":"2024-12-02T10:00:52","slug":"how-much-social-security-should-i-be-getting","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8876","title":{"rendered":"How Much Social Security Should I Be Getting?"},"content":{"rendered":"\n<div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"lazyload clicker_number\" style=\"position: absolute; height: 1px; width: 100%\" alt=\"ScoreCard Research\" data-count=\"216.98.0.236,216.98.0.236, 108.162.245.150\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\"><\/p>\n<div id=\"dear-SS Reader\"><span class=\"dear-SS Reader-dropcap \">Dear Penny,<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I started receiving Social Security this year, but I don\u2019t know if I\u2019m getting the right amount. How can I make sure my Social Security check is correct?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2014 Curious Retiree<\/span><\/p>\n<\/div>\n<p>Dear Curious,<\/p>\n<p>To determine whether the Social Security check you receive is for the correct amount, you should know the basics about how Social Security works and where to find information about your account.<\/p>\n<p>A few facts to give context to your check:<\/p>\n<ul>\n<li aria-level=\"1\">Your benefit amount depends on three factors: how long you\u2019ve worked, your earnings from work and your age when you start claiming benefits.<\/li>\n<li aria-level=\"1\">You earn Social Security credits based on your earnings each year, and those determine your eligibility for benefits. As a rule of thumb, you\u2019re eligible to receive benefits as long as you\u2019ve worked full-time for at least 10 years in your life.<\/li>\n<li aria-level=\"1\">Your monthly benefit amount is based on an average of your 35 highest-earning years of work, including $0 years if you worked less than 35 years.<\/li>\n<li aria-level=\"1\">You can claim benefits as early as 62 years old, but you\u2019re penalized with a reduction in benefits for claiming before full retirement age, which is 67 for anyone born in 1960 or later, and 66 for anyone born between 1943 and 1959.<\/li>\n<li aria-level=\"1\">The latest you can start claiming your benefit is age 70. Between full retirement age and 70, you\u2019ll be rewarded with an additional 8% benefit for each year you wait to claim.<\/li>\n<li aria-level=\"1\">Each year, Social Security amounts are increased for a cost of living adjustment (COLA) to account for price inflation. The annual COLA is announced in October the previous year.<\/li>\n<li aria-level=\"1\">On average, the <a href=\"https:\/\/www.ssa.gov\/myaccount\/assets\/materials\/workers-61-69.pdf\" target=\"_blank\" rel=\"noopener\">Social Security Administration says<\/a>, Social Security benefits will replace about 40% of your pre-retirement earnings. But there\u2019s a maximum benefit, and the monthly payment for the highest earners maxes out at less than $5,000 for 2024.<\/li>\n<\/ul>\n<p>Use these options to get an estimate of future Social Security benefits or manage your existing benefits:<\/p>\n<div class=\"adBorder\" id=\"thepe-1820517682\">\n<h3>The 8 Best Ways to Earn a Passive Income in 2024<\/h3>\n<p>You\u2019ve probably heard the term passive income. It sounds appealing right?<\/p>\n<p>According to the definition of passive, it would mean you\u2019re earning income without participating or having to do anything at all. Free money? Sign me up!<\/p>\n<p>If you\u2019re interested in establishing a flow of passive income, here\u2019s a guide to understanding the term and getting started.<\/p>\n<p><a href=\"https:\/\/partners.thepennyhoarder.com\/passive-income-desktop-prt\/?aff_id=384\" target=\"_blank\" rel=\"noopener\">Check it out here!<\/a><\/p>\n<\/div>\n<p><i>Dana Miranda is a Certified Educator in Personal Finance\u00ae, author, speaker and personal finance journalist. She writes <\/i><a href=\"https:\/\/www.healthyrich.co\" target=\"_blank\" rel=\"noopener\"><i>Healthy Rich<\/i><\/a><i>, a newsletter about how capitalism impacts the ways we think, teach and talk about money.<\/i><\/p>\n<p>\u00a0<\/p>\n<p>        <!-- ACF Financial Disclaimer --><\/p>\n<p>        <!-- End ACF Financial Disclaimer --><\/p>\n<p>        <!-- \n\n<div class=\"single-social-share-bottom text-center\"> --><br \/>\n                    <!-- <\/div>\n\n --><\/p>\n<p>        <!-- Newsletter Signup Form --><\/p>\n<div class=\"newsletter-signup-wrapper-for-digioh\">\n<div class=\"col-xs-12 newsletter-wrap flex-row\">\n<div class=\"container flex-container\">\n<div class=\"col-xs-12 new-newsletter-form\">\n<p class=\"text-subheading\">Ready to stop worrying about money?<\/p>\n<p class=\"text-get-daily\">Get the SS Daily<\/p>\n<p class=\"email-privacy-policy-blurb-white\">\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n<p>        <!-- End Newsletter Signup Form --><\/p><\/div>\n<p><script type=\"text\/javascript\" id=\"wp-fcapi-js-before\">\n\/* <![CDATA[ *\/\n!function(f,b,e,v,n,t,s)\n{if(f.fbq)return;n=f.fbq=function(){n.callMethod?\nn.callMethod.apply(n,arguments):n.queue.push(arguments)};\nif(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\nn.queue=[];t=b.createElement(e);t.async=!0;\nt.src=v;s=b.getElementsByTagName(e)[0];\ns.parentNode.insertBefore(t,s)}(window, document,'script',\n'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\nfbq('init', '263664193816679');\n\/* ]]> *\/\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.thepennyhoarder.com\/retirement\/dear-SS Reader-how-much-social-security-should-i-be-getting\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dear Penny, I started receiving Social Security this year, but I don\u2019t know if I\u2019m getting the right amount. How can I make sure my Social Security check is correct? \u2014 Curious Retiree Dear Curious, To determine whether the Social Security check you receive is for the correct amount, you should know the basics about<\/p>\n","protected":false},"author":1,"featured_media":8877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[348],"tags":[899,898],"class_list":{"0":"post-8876","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement","8":"tag-security","9":"tag-social"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8876"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/8877"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}