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Adults in their 50s and 60s make an average error of 11.5% when estimating their retirement benefits.
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Approximately 25% of adults in this age group have Social Security benefit estimates that are off by over $5,100 annually.
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Receiving at least one Social Security statement reduces the estimation error to an average of $344 per year.
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Understanding expected Social Security benefits is crucial for accurately estimating retirement income.
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Accurate estimates are important due to the significant role Social Security benefits play in retirement income.
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While mailings of statements stopped in 2011, limited mailings are still available to individuals without online accounts who are 60 and older.
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