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What is the role of Social Security in retirement planning, and what is the estimated monthly benefit amount one will receive?

Curious about retirement planning

What is the role of Social Security in retirement planning, and what is the estimated monthly benefit amount one will receive?

Social Security plays an important role in retirement planning as it provides a steady source of income for retirees. The amount of Social Security benefit one receives depends on their earnings history, which is calculated based on their highest 35 years of earnings. The estimated monthly benefit amount can be found on the Social Security Administration's website by creating a personal account and accessing the statement. The statement provides an estimate of the retirement, disability, and survivor benefits the person may be eligible for. It's important to note that Social Security benefits are designed to replace only a portion of preretirement income, and other sources of income such as retirement savings and pensions are needed to supplement Social Security benefits.

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