Here's something you might find very handy: The Social Security Administration has begun offering a feature called My Social Security that lets people see all their earnings and benefits information online. This information used to be printed and sent to American taxpayers, but since that cost $60 million every year in printing costs, it was decided that this might be a better way to do it.
It's useful to poke around there and see what kind of benefits you might be eligible for. You can also see your lifetime earnings, estimate of the Social Security and Medicare taxes you've paid, and information about qualifying and signing up for Medicare.
We've heard a lot about Social Security not being enough to cover most people's retirement needs, and it's true - yet it's still a valuable asset that many people overlook. If you forgo receiving benefits until age 66 and are eligible for maximum benefits, you can earn as much as $2,513 a month. If you live till age 90, that's more than $700,000 worth of lifetime benefits. That's a significant amount of money.
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