The road to retirement is short for some, longer for others, but for all, there is a tool to help figure out when that day will be for us.
The Social Security Administration now offers an online tool called “my Social Security Account,” where workers can view estimates of his or her future.
Mark Hinkle, Deputy Press Officer for the Social Security Administration, said it can be utilized for all workers.
“Whether you’re young or getting closer to retirement, you can get an estimate of what your retirement benefits are going to be. You can take that number and use it to get a clearer picture of your retirement years,” he said.
Hinkle said even if you’re not yet receiving benefits, you can access your Social Security statement.
“It’s never too early to start toward the future, trying to figure out how much to put aside in savings and how much to put aside paycheck to paycheck in a 401K or an IRA,” he said.
Although younger individuals do not receive social security benefits, Hinkle said this tool can be used to double check earnings.
He said Social Security earnings are based off of personal earnings history.
Hinkle reminds people too that Social Security benefits are not intended to be someone’s only source of income upon retirement.