Problem: Want to Know Your Future Social Security Benefits?
Solution: Log In to www.ssa.gov and Get Your Current Social Security Statement!
How to Access Your Social Security Statement
Steps to Take:
- Go to www.ssa.gov.
- Click “Sign In”.
- Either sign in with ID.me, Login.gov, or with your Social Security username and password.
- Click “Your Social Security Statement and Fact Sheets”.
- Click “Your Social Security Statement”.
- Open the file that was just downloaded to view your Social Security Statement.
Key Things to Know:
- FRA means Full Retirement Age.
- For 2026, the maximum amount of wages considered for Social Security benefits is $184,500 and the Social Security tax rate remains 6.2% for employees and 6.2% for employers.
- For 2026, the Cost of Living Adjustment (COLA) increase for all Social Security benefits was 2.8%.
- The 2026 earnings limit is $65,160 per year when reaching FRA. One dollar of benefits will be withheld for every $3 in earnings above this limit.
- The 2026 earnings limit is $24,480 per year when electing to receive Social Security benefits before FRA. One dollar of benefits will be withheld for every $2 in earnings above this limit.
Death of a Spouse:
- To understand the spousal survivor benefits, you first need to determine if the deceased spouse has worked long enough to be “fully insured” under Social Security, or “currently insured”.
- To be fully insured, the deceased spouse needs to have earned at least 1 “credit” for every year since attaining age 22. You can only earn up to 4 credits per year, and the amount needed for each credit in 2026 is $1,890 of earnings.
- Survivor benefit eligibility and benefit amounts depend on several factors, including the deceased worker’s earnings record, the survivor’s age, and applicable Social Security rules.
When Should I Take My Benefit?
- We generally recommend delaying the larger spouse’s Social Security benefit election at least until they reach FRA. Delaying your Social Security benefits from age 62 until age 67 could result in more than a 40% increase in your monthly benefit.
- As a rule of thumb, if you live past age 78, waiting until age 67 to elect your Social Security benefits typically pays you more over your lifetime. Consider your current health status and family health history to help your fee-only fiduciary advisor make informed recommendations on when to start receiving your Social Security benefits.
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Disclosures: Information contained herein is intended for informational, illustrative and/or educational use only and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose nor shall it be construed to be the provision of individualized investment, tax or legal advice. Endowment Wealth Management, Inc. (“EWM”) is not soliciting or recommending any action based on this material. This is neither an offer nor a solicitation to buy/or sell securities in any state or jurisdiction where EWM is not registered, or notice filed and does not qualify for an exemption from such registration and notice filing requirements. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that consider all of the particular facts and circumstances of the investor’s own situation. All investments involve risk and potential loss of capital and, unless otherwise stated, are not insured or guaranteed.
While the content herein has been obtained from sources that we consider reliable, we do not represent that the information is accurate, complete, or current and it may be relied upon as such. Reliance upon any information in this material is at the sole discretion of the reader. Content is subject to change without notice.
The information presented is provided for educational and illustrative purposes only and is intended to help individuals understand Social Security statements, benefit calculations, and selected Social Security rules. Social Security claiming decisions are highly individualized and depend on numerous factors, including age, health, marital status, survivor benefits, income needs, tax considerations, life expectancy, and other retirement resources.
This material should not be construed as individualized financial, tax, legal, or Social Security claiming advice. Social Security rules, earnings limits, benefit formulas, and cost-of-living adjustments may change over time. Individuals should consult with their financial advisor, tax professional, or other qualified professionals regarding their specific circumstances before making claiming decisions.
Endowment Wealth Management, Inc. (“EWM”) is registered as an investment adviser with the SEC. Registration does not imply a certain level of skill or training. A copy of EWM’s disclosure documents, including Form ADV Part 3 (Client Relationship Summary), Form ADV Brochure Part 2, and Privacy Statement, are available upon request.