Social Security will probably be your biggest monthly retirement pension. However, many people either don’t know how much they will receive or have the number wrong. In this video, we discuss how to get an accurate estimate of your SS retirement benefits.
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Summary of the Video
Accessing Social Security for Retirees
Bryan explains how cross-border retirees can access their Social Security benefits, emphasizing that these benefits are often the largest monthly pension in retirement. He guides viewers through the process of creating an account on the Social Security website (ssa.gov) to obtain estimates, noting that while paper applications are no longer available, paper statements can be requested online. Bryan also discusses the importance of accurate benefit estimates and provides a sample statement for reference.
Cross-Border Social Security Benefits
Bryan explained the structure and content of a Social Security statement, highlighting key details for cross-border retirees, including how the US-Canada Totalization Agreement allows for qualification with fewer than 40 credits if Canadian work is also considered. He clarified that while Social Security benefits are based on the highest 35 years of US work, many cross-border retirees may have gaps in their US work history, which could affect their benefits. Bryan advised reviewing earnings history annually to dispute any discrepancies and emphasized the importance of understanding how US work experience impacts Social Security benefits.
Social Security Benefit Planning Guide
Bryan explained how Social Security benefit calculations assume continued work and earnings, leading to lower actual benefits for early retirees compared to initial estimates. He demonstrated the Social Security retirement calculator as a tool for more accurate benefit projections at different retirement ages. Bryan emphasized the importance of accurate Social Security benefit planning and invited listeners to schedule a complimentary consultation with cross-border financial planners for personalized retirement planning.