With every change of season, there’s usually a list of essential items that must be done. If you’re getting your house ready for winter, you are likely getting your furnace serviced and cleaning your gutters among other things. In the same way you’re getting your house ready for the colder months, we want to make sure you’re checking off items on another important list, your retirement list.
A healthy retirement checklist should include the following questions:
- Did you verify your earnings? — With a mySocial Security account, you can view your earnings history, confirm you have enough work credits to retire, and see estimates of what your benefits will be. Open or sign in to your account today!
- Do you know how much your benefit will be? — Our Retirement Estimatoris a great tool that provides you with immediate and personalized estimates based on your own earnings record. It provides the most accurate estimate of your future benefits.
- Do you have additional retirement income? — Social Security benefits only replace a percentage of your pre-retirement income based on your lifetime earnings. A healthy retirement plan also includes your savings and perhaps an employer-sponsored retirement plan or 401(k), especially if your employer offers matching funds on what you invest. If your employer doesn’t offer this type of plan, there are many other plans to help you save for retirement, such as solo 401(k)s as well as traditional and Roth IRAs.
To help you answer these questions, we recommend reading our publication, Your Retirement Checklist. It explains what you need to know before you apply, special circumstances that may apply to you, and other things you may want to think about.
Also, our retirement website has a wealth of resources to use when you’re planning for retirement. Check it out today and start crossing off items from your list.