Your Social Security statement is a document used to explain your rights and responsibilities under the Social Security program. That includes information on how much you are eligible to receive in government-mandated Social Security benefits; your work record including wages earned; approximate benefits for when you reach retirement age; potential disability benefits; and more. It’s a document that’s takes into account your earnings and benefits to date, plus forecasts into the future.
What Should I Look for in My Social Security Statement?
Your Social Security statement serves as a barometer of your retirement fortunes, and it contains important information on several major components of Social Security. Look for the following information:
- Your earnings record, so you know what you can expect in terms of benefit payments.
- Your earnings record history, which is often two-thirds of your total Social Security retirement income.
- Estimated benefit payments at your current income level.
- Estimated benefit payments at your retirement age.
- Disability benefits.
- Survivor benefits in case something happens to you.
How Do I Know What’s Accurate and What’s Not?
When viewing your Social Security statement, it’s important to note that the information may not always be accurate. It’s best to double check your Social Security records with the Social Security Administration. If you find anything that looks inaccurate or incorrect, then contact them about it immediately.
What Are the Benefits of Getting a Social Security Statement?
It’s important to get your Social Security statement because the information in it can help you make decisions in the future. It’s a great tool to determine your projected benefits and help you plan for retirement. In addition, the statement can help you to understand what is available to you through the Social Security program.
The Social Security statement is a valuable document to review and use. With the right information and a careful look into your future Social Security needs, you can make better decisions and get the most out of your Social Security benefits.