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Chapter 5. Developing Your Retirement Pl... > Eight Steps to Financial Independenc... - Pg. 52

Developing Your Retirement Plan 52 For a more accurate number, you should complete and mail a Social Security Statement of Esti- mated Benefits form. You can get a copy of this form at the Social Security Web site at In three to four weeks, you will receive a statement that details your entire work history by year and an estimate of your Social Security benefit for the age you selected. Check the statement for mistakes. If you find any, contact the Social Security office nearest to you. Make sure that your spouse also requests a copy. If you prefer, you can redo the worksheets using your actual Social Security projection. (See Chapter 23, "Social Security and Medicare.") Now let's say you're a wee bit concerned about getting your full Social Security benefit. After all, if no changes are made to Social Security, it will run out of money in 2035, so there is some cause for pessimism. You don't want to overstate the amount you will get, yet you don't want to underes- timate either. What do you do? We suggest you take your current projected benefit and multiply it by 60 percent. This is a conser- vative strategy. But if you get more when it comes time to collect, well, you'll have too much money. Sorry! Feel free to blame us. For What It's Worth