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Created: June 25, 2025
Modified: June 24, 2025

How Much Will I Get from Social Security?

When planning for retirement income, it’s important to have a clear idea of how much you can expect to receive. However, estimating your future Social Security benefit can be complicated.

Your first step is to visit ssa.gov and create a username and password. Creating your own personal “my Social Security” account is a helpful way to get a sense of what your benefit might look like – whether you’re retiring next year or 15 years from now.

In this week’s Better Money Boston with WCVB Channel 5, join Nicholas J. Colantuono, CFP® as he walks you through some key factors to determining your Social Security benefit.

Calculating Your Benefit

You must earn a minimum of 40 credits to qualify for Social Security retirement benefits, which typically equates to 10 years of work. Once you qualify, your benefit amount is based on your average indexed monthly earnings (AIME) from your 35 highest-earning years.

If you have fewer than 35 years of earnings, the calculation will include zeros for the missing years, which can lower your benefit. Your earnings are then adjusted for inflation.

Factoring in Your Age

You can begin claiming benefits as early as age 62, but your monthly payments will be reduced if you file before your full retirement age, which is typically between 66 and 67. Waiting until your full retirement age or up to age 70 can increase your monthly benefit.

Determining when to file for Social Security is one of the most consequential financial decisions you’ll make in retirement. It’s an almost permanent choice, and there are many filing strategies to consider. Factors that may influence your decision include your current savings, other income, health and longevity, marital status, and work situation.

Considering Possible Taxes on Benefits

Your Social Security benefits may be subject to taxes based on your other income. This can include interest, dividends, real estate income, pensions, or even a portion of your Social Security. If your combined income exceeds certain thresholds, up to 85% of your benefit may be taxable. This is why it’s essential to account for the possibility of taxes when planning for income.

When you choose to claim Social Security should reflect what matters most to you. A comprehensive retirement income plan can help you make these important decisions within the context of your overall financial picture and personal goals.

Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.

Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.

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