Underestimating Social Security Benefits: The Costly Mistake You Can't Afford

Americans are underestimating their future Social Security benefits by an average of $1,896 per year.

[{"selector":"#anim-59b35ef1-7c10-4cac-9529-801bdedec1ff [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] CREDIT GETIMAGE

[{"selector":"#anim-532e73e1-da36-475d-ac74-e36c23f03158 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Adults in their 50s and 60s make an average error of 11.5% when estimating their retirement benefits. Adults in their 50s and 60s make an average error of 11.5% when estimating their retirement benefits. CREDIT GETIMAGE

[{"selector":"#anim-d786e0e9-e4a0-4939-b0da-261ac4e0a7ff","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Approximately 25% of adults in this age group have Social Security benefit estimates that are off by over $5,100 annually. Approximately 25% of adults in this age group have Social Security benefit estimates that are off by over $5,100 annually. CREDIT GETIMAGE

[{"selector":"#anim-199c3a4c-9065-4c10-afc0-a95e3e11f2d8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Receiving at least one Social Security statement reduces the estimation error to an average of $344 per year. Receiving at least one Social Security statement reduces the estimation error to an average of $344 per year. CREDIT GETIMAGE

[{"selector":"#anim-2f56eaac-7708-4874-bf70-fa71c98ed7fb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Understanding expected Social Security benefits is crucial for accurately estimating retirement income. Understanding expected Social Security benefits is crucial for accurately estimating retirement income. CREDIT GETIMAGE

[{"selector":"#anim-c55826e2-7526-4193-aa97-f7a23ac547e0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Accurate estimates are important due to the significant role Social Security benefits play in retirement income. Accurate estimates are important due to the significant role Social Security benefits play in retirement income. CREDIT GETIMAGE

[{"selector":"#anim-13c50505-520e-44b0-8d8c-5d38d91d812a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] While mailings of statements stopped in 2011, limited mailings are still available to individuals without online accounts who are 60 and older. While mailings of statements stopped in 2011, limited mailings are still available to individuals without online accounts who are 60 and older. CREDIT GETIMAGE

Beware This Common Social Security Planning Mistake

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Underestimating Social Security Benefits: The Costly Mistake You Can't Afford

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Americans are underestimating their future Social Security benefits by an average of $1,896 per year.

Americans are underestimating their future Social Security benefits by an average of $1,896 per year.

Beware This Common Social Security Planning Mistake

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