Social security statements have just become easier: How can I get a copy for retirement planning?
Social security statements have just become easier: How can I get a copy for retirement planning?

Social security statements have just become easier: How can I get a copy for retirement planning?

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That Social Security Statement has just been renewed and your information is now easier to find than ever before.

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To clarify, this is not the statement you receive when you have already started receiving social benefits. Your Social Security Declaration is available to any adult worker who does so does not receive benefits. This type of statement is unique to your work history and provides estimates of future social security benefits that you may receive each month. You will also be able to access your earnings history.

The Social Security Administration (SSA) states that it is crucial to review this registration for errors so that if or when you discover one, you can have it corrected. This will ensure that you receive all the benefits you owe. For example, the SSA might have – on their records, at least – that you earned $ 55,000 this year and last, but in reality, your earnings were closer to $ 65,000. This will result in a lower benefit for you, even though you may have already paid the tax based on a larger earnings base – and such an error requires correction. Your online statement will show you how to make such a correction.

The renewed statement is now more streamlined and easier to understand. SSA states that it has divided the information into easy-to-read sections, as different types of benefits, allowing individuals to quickly refer to all material. There’s also a new bar chart that illustrates your personal estimates of social benefits based on nine different ages – depending on when you want to start your retirement. Information like this is essential for making retirement decisions, such as claiming retirement benefits at age 62 versus eight years later, at age 70.

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There are also fact sheets tailored to your specific age group and individual earnings in the online statement. These fact sheets provide advice and tips on how to save for the future – or how to avoid Medicare punish based on what stage you are at in life.

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About the author

Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience in concentrations in asset management, portfolio management, private client banking and investment analysis. Georgina has written for Investopedia and WallStreetMojo.

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