What You Need to Know
About Social Security Benefits

Knowing the nuances of your Social Security benefits can help inform your overall retirement savings strategy. Read on for answers from the Social Security Administration (SSA.gov) to three frequently asked questions.

1. When will I start receiving Social Security benefits?

Once you hit age 62, the year in which you start receiving Social Security benefits is largely up to you. You can begin receiving benefits at any time between the ages of 62 and 70. So, why wait?

If you elect to receive benefits before your full retirement age, you’ll receive a smaller monthly benefit—and the earlier you retire, the longer you’ll need to make your savings last. Decide the right age for you by weighing several factors, such as your current and future sources of income, your health and your personal needs.

2. How do I know how much I will receive from Social Security?

How much you receive from Social Security depends on your lifetime earnings, your status as a primary earner or a spouse, and the age at which you elect to begin receiving benefits as noted above.

On average, retirement beneficiaries receive about 40% of their pre-retirement income from Social Security, according to the Social Security Administration (SSA). For a rough estimate of what benefits you may receive, check out the SSA’s Social Security Quick Calculator.

3. How do I balance calculating how much to save for retirement with expected Social Security payments?

Social Security is just one important part of your overall retirement plan. As a general rule, retired individuals will require about 70% to 85% of their pre-retirement income to maintain their lifestyles, which is more than the roughly 40% that Social Security typically provides. That’s why it’s so important to build up your retirement nest egg by consistently contributing throughout your working years.

To learn more, please visit irs.gov.

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Contact your Mutual of America representative today.

You should consider the investment objectives, risks, and charges and expenses of the investment funds and, if applicable, the variable annuity contract, carefully before investing. This and other information is contained in the funds’ prospectuses and summary prospectuses and the contract prospectus or brochure, if applicable, which can be obtained by calling 800.468.3785 or visiting mutualofamerica.com. Read them carefully before investing.


The articles and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. Consult your attorney, accountant or financial or tax adviser with regard to your individual situation.