How to Tally Your Social Security Benefits

How to Tally Your Social Security Benefits

February 10, 2021

In an effort to save money, the Social Security Administration (SSA) stopped mailing annual statements nearly a decade ago. The yearly statements were helpful, as they helped workers estimate their Social Security benefits.

Despite this lack of formal reporting, the SSA offers an online option, Retirement Calculator, where you can estimate your Social Security benefits. You can access the tool at

The Retirement Calculator provides you with an approximate snapshot of your monthly retirement benefit based on your official Social Security earnings. It reveals early (age 62), full (ages 65-67) and delayed (age 70) earnings, allowing you to tinker with prospective scenarios and review the impact on your benefits.

If you intend for Social Security to play a role in your retirement income, it will be helpful for you to consult the online calculator at least annually to gauge if your savings align with your retirement goals.

Keep in mind that Social Security benefits do not automatically increase each year, but do so to align with an increase in inflation.

My clients can also see how their Social Security benefits play a part in their overall retirement plan through our use of eMoney, which is software that can help us see how your plan may play out over time. This helps us determine if we need to make adjustments to help your financial plan better align with your goals or if we are on the right track.


This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.

This material was prepared by LPL Financial, LLC