ROCHESTER, N.Y. — If you’re 50 or older, now is the time to evaluate your lifetime of earnings and Social Security benefits.
All you have to do is go to the Social Security website and set up your account. Whether you’re a butcher, a baker or a candlestick maker, you’re paying into the Social Security system 6.2% of your income. Your employer pays another 6.2%. Over time, that’s a lot of money.
But according to AARP, lots of folks have no idea just how much money. It did a study and found that about 40% of people 50 and over still don’t have access or haven’t signed up for their Social Security account.
“Look, it is pretty easy. The hardest part is the first time you sign up you have to do some identity verification,” said Bill Sweeney, AARP’s senior vice president of governmental affairs.
He said it takes less than 10 minutes to sign up. Once you’re in, you can get valuable information like an estimate of your Social Security benefits.
“If you retire early at 62, you lose 30% of your benefits every month for the rest of your life. If you can wait until you’re 70, you’ll get 77% more for the rest of your life than if you had retired at 62,” Sweeney said.
For example, you can get an estimate of what your benefits would be at 62, 67 and at 70. In one example, an earner who takes benefits at 64 instead of 65 would lose about $300 a month.
No matter what you do for a living, deciding how long to work is a very personal decision.
“This is one of the toughest decisions that people have to make and most people have to do this based on their own personal circumstances, their medical history, their family history, what they’re dealing with right now,” Sweeney said.
No matter your age, if you need a reason to pressure Congress to pay attention to the Social Security trust fund, go take a look at how much of your hard-earned money you’ve paid into the Social Security system.
Consumer Alert: Why those 50 and older should set up their Social Security account now WHEC.com.
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