How to Predict Your Social Security Payout
To save money, the
Consider the averages.
Familiarize yourself with the formula.
Try different retirement dates.
The date you first sign up for benefits also has a large impact on how much you will receive. "The biggest effect you can have on your benefit is when you claim," says
Married couples have additional options.
Married couples are entitled to benefits based on their own work record or up to 50 percent of the higher earner's benefit, whichever is higher. A spouse may also be eligible for a survivor's benefit when the higher-earning spouse passes away. "There are a lot more options for spousal benefits when you wait, at a minimum, until full retirement age," says
Many retirees have their Medicare Part B premiums for doctors' services and outpatient care deducted from their
Easier ways to crunch the numbers.
Workers can get an estimate of their likely
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Personal Finance - How to Predict Your Social Security Payout
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