5 things to Know about Social Security Even if You’re Not Collecting

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March 21, 2023

No matter your age or how many years you have to go before retirement, it pays to know a few things about Social Security. 

Plenty of younger people think it won’t even be there when they retire. It probably will still exist — though experts agree it will probably look somewhat different.

You probably don’t want to count on getting a lot of your retirement income from Social Security. High earners won’t get much in relation to their pre-retirement salaries, but people who earn less will get an amount that’s closer to their pre-retirement salary. 

It’s good to have some idea of what you’ll get for a future Social Security benefit at different ages. Use the personal Social Security account on the Social Security Administration website for an estimate. You’ll see your own earnings record — so take the opportunity to correct the record, if necessary.

You don't have one of those accounts? Don’t wait. Do it now, even if you won’t draw benefits for a while! 

Here are the positive reasons to set up your account: You’ll get access to tools whether you’re receiving benefits or not. You can request a replacement card or check the status of an application through the site. And when you’re approaching Medicare age, you can easily apply for that online, too. 

Finally, the fearmongering (but legit) reason to set up the account is this: if someone tries to use your Social Security number to set up an account, they won’t be able to. 

Here are five other things to know about Social Security:

1. Your benefit will be based on your own earnings record. In 2023, the average Social Security retirement benefit is an estimated $1,827 a month.
2. The most anyone can get from Social Security in 2023 is $4,555. That’s for a high earner who waits until age 70 to claim benefits.
3. You might want to lock your Social Security number to protect it from fraudsters. Locking your Social Security number prevents anyone from changing or accessing your Social Security record. Freezing or lifting the freeze on your number is free.
4. Want a rough idea of what you might get in retirement? Use the Social Security Administration’s calculator tool, which uses your date of birth and your earnings history (you provide this information).
5. Conventional advice says you should wait as long as possible to claim benefits so you’ll get a higher amount. But this isn’t true for everyone.

Plenty of people have no idea how much they’ll get in retirement from Social Security, which only makes it harder for them to plan their retirement life and expenses. In one study, pre-retirees underestimated their future annual Social Security income by an average of nearly $2,000. Nearly a quarter of respondents undervalued those benefits by more than $5,000.

For more, read our reporter Mary Ellen Cagnassola’s story on future retirees’ foggy Social Security predictions.

— Jill Cornfield, deputy editor

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