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Is there is any relation between my first hiring age at social security benefits I'll when i retire?
I am a new comer to USA, I am saving enough for retirement in 401K,roth ira..etc but my concern is that I am not able to estimate my social income to see the big picture. all online calculators don't put when I was first hired in its calculations!! They just ask me my desired retirement age as if it doesn't matter how many actual years me and my employer is contributing to my SS income!!
I was first hired 2 years ago (I was 35), and I can access my current SS balance and the estimated income based on that current balance can be seen in my account. But no idea how to see an estimated based on the current+future social income with regards to my hiring year or age or the total number of years with contributions.
Any idea?
2 個解答
- Trivial OneLv 76 年前
As jmm2112 pointed out, your Social Security benefits are very difficult to estimate with only two years of coverage in the plan. Your ultimate benefit is based on a formula that takes into account your 35 highest years of earnings, and you have to have at least ten years to be eligible for anything. You can get an estimate of your future benefit by registering at My Social Security through the IRS website (www.irs.gov). The estimate is very limited because it will be estimating 33 years worth of earnings, which is not likely to match reality.
You can find information on the average Social Security benefit in any number of articles, and can probably find information on an estimated benefit for a person at your current wage rate. But, with 30 years to go before retirement, you're not going to get anything near an accurate number. This far out, your estimates of balances in a 401(k) or IRA are also not likely to be very accurate, either. At this point in your career, you should be focusing on saving as much as you can (at least 10% of your pay between you and your employer--15% or 20% is better), and worry about the details of what income that provides as you get much closer to retirement age.
- 匿名6 年前
You don't have a Social Security "balance," The system doesn't work like a 401(k) account.
Your future entitlement will depend on how many quarters of working history you accumulate. The Social Security website explains how the system works. You've only been here for two years so it's too soon to expect a realistic "estimate" of your entitlement 30 years from now.