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Social Security is intended to provide a subsistence/modest level of income in retirement for basic living necessities such as food, shelter, and clothing. However, Social Security wasn’t designed to be a retiree’s sole source of income. When planning for retirement, you’ll likely need to supplement your expected Social Security benefits with personal savings, investments, and company pension benefits. If you’re a high-income earner, you particularly need to supplement your income — unless, of course, you’re willing to live well beneath your pre-retirement income. (Refer to Chapter 10 for more discussion on Social Security.)

If you’re still working, you can estimate your Social Security retirement benefits by looking at your most recent Social Security benefits summary at www.ssa.gov/myaccount/ or by calling 800-772-1213 and requesting Form SSA-7004 (“Request for Social Security Statement”). Setting up a “my Social Security” account on the Social Security website lets you obtain updated benefits estimates, verify your earnings, and take other actions.

Like many people, you may be concerned about your Social Security. You may be afraid that it won’t be there when you retire. Although you may have to wait until you’re slightly older to collect benefits or endure more of your benefits being taxed, rest assured. Congress has been reluctant over the years to make major negative changes to Social Security, because doing so would risk upsetting a large and highly active voting bloc of retirees and near retirees.

By reviewing your Social Security account, you can see how much in Social Security benefits you’ve already earned and review how the Social Security Administration (SSA) determines these numbers. With this information, you can better plan for your retirement and make important retirement planning decisions.