How to calculate how much money I have to collect from Social Security benefits in the US

Is my pension affected if I collect the one from my country of origin? 5:18 (CNN Spanish) — If you are a beneficiary of Social Security in the US or you already profile yourself to be one but you don’t know how much money you will receive, don’t worry. There are tools on the internet that will help you calculate your benefits. Last year, Social Security beneficiaries were told they would receive a 5.9% increase in their benefits for 2022, the result of the annual cost-of-living adjustment (COLA). With the above, the monthly payments of retirees increased by US$92 to an estimated average of US$1,668 for the current year. Social Security beneficiaries will receive an 8.7% annual cost-of-living adjustment for next year, the largest increase since 1981, the Social Security Administration announced. The increase boosts retirees’ monthly payments by $146 to an estimated average of $1,827 by 2023. The sharp increase, which follows a 5.9% adjustment for this year, is aimed at helping the roughly 70 millions of Social Security recipients deal with the high inflation that has been plaguing the US since last year. Both calculations give us a close idea of ​​the Social Security benefits that retirees receive. However, if you want a more exact (and, above all, personal) calculation, you can opt for the Social Security Administration (SSA) benefit calculators. Tools for calculating your Social Security benefits The SSA makes several calculators available online to help you with retirement issues. Chief among them is the ‘my Social Security Account Retirement Calculator’, which will help you compare “the estimated retirement benefit calculations based on the date or age you selected to start receiving benefits with the estimated retirement calculations for ages 62, Full Retirement Age (FRA), and age 70. You can also enter the future earnings you expect to receive to include in the estimate.” Now, the SSA mentions that the calculator can be accurate, but you do need to have a my Social Security account, as the tool requires “access to your official earnings record in our database.” If you don’t have your account, you can create one at www.ssa.gov/myaccount/. Once you have it, you can click here to go to the calculator, where it will ask you to log in. Although the other SSA calculators do not specifically ask you to log in, the information you have in your account will help you use them, since they ask for specific data to make the calculations. These calculators are: