IT CAN BE DIFFICULT TO predict how much you will receive from Social Security, especially if you are more than a few years away from retirement. But familiarizing yourself with how your benefit will be calculated can help you budget for retirement and even boost your future Social Security payments.
Here's how to estimate how much you will get from Social Security in retirement:
Consider the average payment.
Calculate your Social Security payment.
Factor in your retirement age.
Subtract Medicare premiums.
Remember income tax withholding.
Create a My Social Security account.
Read on to find out how your Social Security payments are determined.