When it comes to Social Security, workers and retirees need to know as much as they can about how their benefits work so they can understand the amount of resources they will have available, determine how much to save and figure out when to claim benefits.
This week, the White House launched Aging.gov to provide older Americans, their families, friends and other caregivers a one-stop resource for healthy aging, long-term care and retirement planning information along with quick links to the government's Medicare and Social Security websites.
To offer a more comprehensive outlook for your retirement, the Social Security Administration is also now partnering with three digital financial advisory services—Betterment, Financial Engines and HelloWallet—who will integrate the SSA's data file to help consumers more accurately estimate how much they'll receive in their expected Social Security benefit.
That's good news for older Americans afraid they may be leaving money on the table. Financial Engines, which launched its free Social Security planner in June 2014, says it has identified more than $10 billion in additional Social Security benefits for customers in the past year, and the median amount of additional benefits for a typical married couple has been more than $100,000.
Before estimating your Social Security benefits, here are five basic facts that you should know: