Heather Schreiber, the founder of HLS Retirement Consulting, recently appeared on “Jill on Money LIVE” to share her expertise on Social Security and other retirement income-related topics. In this engaging discussion, Heather provides valuable insights into creating a My Social Security account and how it can be a crucial tool in planning your financial future.
Creating a My Social Security Account: Why It Matters
A My Social Security account is an essential online resource that allows you to manage your Social Security benefits conveniently. Heather emphasizes the importance of setting up this account early, even if you’re not yet ready to claim your benefits. Here’s why:
Monitor Your Earnings Record
Your Social Security benefits are calculated based on your earnings record. By creating a My Social Security account, you can regularly check your earnings history to ensure its accuracy. Discrepancies can significantly impact your future benefits, so it’s crucial to address any errors promptly.
Estimate Your Future Benefits
The My Social Security account provides personalized estimates of your future benefits based on your actual earnings history. Heather highlights how this tool can help you plan your retirement more effectively by giving you a clearer picture of your expected income.
Access Important Documents
Your My Social Security account allows you to access various important documents, such as your Social Security Statement and, once you begin receiving benefits, your Benefit Verification Letter. These documents are vital for financial planning and verifying your income.
Apply for Benefits Online
When you’re ready to claim your Social Security benefits, your My Social Security account streamlines the application process. You can apply for retirement, disability, and Medicare benefits online, saving time and reducing paperwork.
Heather’s Tips for Retirement Income Planning
In addition to the benefits of creating a My Social Security account, Heather shares several key strategies for optimizing your retirement income:
Timing Your Benefits
Deciding when to start receiving Social Security benefits is one of the most significant decisions you’ll make. Heather explains the advantages of delaying benefits to increase your monthly payments and how to balance this decision with your overall retirement plan.
Diversifying Income Sources
Relying solely on Social Security may not provide sufficient income in retirement. Heather advises diversifying your income sources by considering other retirement accounts, such as IRAs and 401(k)s, and planning for potential part-time work or other income streams.
Understanding Spousal and Survivor Benefits
Heather outlines the importance of understanding spousal and survivor benefits, which can be particularly beneficial for couples. These benefits can help maximize the total income available to both spouses, especially if one partner has a significantly lower earnings history.
Staying Informed
Social Security rules and regulations can change, so it’s essential to stay informed about the latest updates. Heather encourages individuals to regularly review their My Social Security account and consult with financial advisors to ensure they are making the best decisions for their retirement.
Click here to watch and excerpt from this discussion.
For additional resources and personalized retirement planning guidance, visit Heather Schreiber’s website at HLS Retirement Consulting. Take control of your retirement planning today and ensure a financially secure future.
