Social Security Statement
A Social Security statement offers key information on retirement benefits, potential disability payments, and survivor benefits for a spouse or children. Having one of these documents is an important tool in any financial planning process.
Your Social Security statement provides key information on retirement benefits you can expect to receive based on your current income level. It also offers estimates of your disability payments should you become ill in the future. And it can provide an estimate of what your spouse or family members may be eligible for if you die before reaching full retirement age. Social Security statements include a year-by-year breakdown of your earnings that have been taxed for both Social Security and Medicare purposes. It is a good idea to check these figures carefully. It is particularly important to double-check the years during which you earned the most, since Social Security only replaces a percentage of your earnings after you reach your full retirement age. And there is a limit to the amount of income on which you pay Social Security taxes, which currently stands at $142,800 and increases yearly.
Your statement also includes your lifetime earnings record and a detailed listing of the credits you earned. It can be useful in deciding whether to continue working, apply for early retirement or make other big decisions about your financial future. And if you plan on using your Social Security benefits for a long period of time, your statement can give you a sense of how those benefits might be affected by inflation.
How Do I Get My Social Security Statement?
You can get a copy of your Social Security statement by visiting the SSA’s website and logging in to your personal My Social Security account. This account is free to create and requires very little information. Once you have logged in, you will be able to print your statement or view it in a PDF format. You can also access other tools and calculators that can help you estimate benefits or apply for retirement or disability.
When you create your My Social Security account, you will be given a unique online control number. This is important because you will need to have this to verify your identity. It will also be required for your future my Social Security account logins. Make sure that you have a record of this number and keep it somewhere safe.
Your Social Security card is your lifelong identifier and should be kept in a safe place. It should never be shared with anyone, as it can be used to commit fraud or steal your money. If you ever receive a call from someone claiming to be from the Social Security Administration, do not give them any information unless you have verified their identity. Always be wary of scammers and remember that the SSA will never contact you via text or email for your personal information.
