Your Social Security Statement: Making sure you receive the correct benefits
Even if you are decades away from retirement, it’s a good idea to review your Social Security Statement annually to help ensure that you receive the correct benefit amount when you retire.
What is a Social Security Statement?
• Your Social Security Statement is a document available from the Social Security Administration (SSA) that includes a list of your earnings by year and estimates of how much you or your family may receive in retirement, disability, and survivor benefits based on those earnings.
Why review it annually?
• To spot and correct any errors in your earnings record. From the very first year you began working, the SSA has been recording how much you earned each year and will use this information to calculate your benefits. If there are any earnings missing from your record, you may receive lower benefits in retirement than you deserve.
• To find out how much you may receive in benefits when you retire. Your statement will generally include estimates of how much you may receive per month in retirement benefits if you began receiving them at age 62, your full retirement age, or age 70. These estimates can be very helpful in planning for retirement.
How can I get my statement?
• Online. You can review your statement online by creating a “my Social Security” account on the Social Security Administration’s website. While in your account, you can also use the SSA’s retirement benefits calculator to run custom scenarios, such as “what might my monthly benefit amount be if I begin benefits at age 64 instead of full retirement age?”
• Automatic statements by mail at age 60. If you do not set up an online account and your benefits have not begun, the SSA will automatically mail a paper statement to you each year beginning at age 60. This statement should arrive about 3 months before your birthday.
For more information please consult us. With offices in Rutland and Williston, Vermont Copper Leaf Financial develops a customized wealth management plan designed to integrate every aspect of your financial life. Our approach is to provide clarity and calm amidst the chaos. Where there is uncertainty we look for facts. We call our approach evidence-based investing. Call us today at 802-878-2731 to schedule a strategy session and begin building your road map to financial
Article published in September 2020 edition of Eye on Money. If you would like to be added to our mail list please email email@example.com.