The best way to get your Social Security statement
Many people say they can't remember when they last received a Social Security statement in the mail. That's not too surprising, considering that Social Security mails a paper statement to workers beginning at age 25, and then only every five years after that, to age 60. After you turn 60, you should get a statement once a year.
But instead of waiting for this important information in the mail, I always recommend that at least once each year, you should log on to the my Social Security website and download a copy of your statement.
If you don't already have an account at this site, create one. It's easy and worth providing the information it asks for.
Your statement will include important information about your estimated retirement, disability and survivors' benefits at various ages. It also includes your earnings record and the total Social Security and Medicare taxes you and your employers have paid over your working career.
Carefully review "Your Earnings Record" because it's not uncommon to find that earnings from certain employers or entire years are missing. If that's the case, you're not getting credit toward your Social Security earnings. That could reduce the amount of benefits you're entitled to receive.
Some estimates say there's a 3 percent error rate for earnings information on these statements. If you spot any mistakes, search the site's FAQs for "Correcting Errors on My Earnings Record" for the steps to take to report the error.
In addition to checking your earnings record and taxes paid, when you set up an account, you can:
- Access, save and print your personalized Social Security statement anytime.
- Review estimates of your future retirement benefits at various ages (for most people, benefits are projected for ages 62, 67 and 70).
- Get a benefit verification letter.
- Check your benefit and payment information.
- Change your address and phone number.
- Start or change to direct deposit of your benefit payment.
Social Security statements come in three versions: for young workers (ages 25-34), mid-career workers (ages 35-54) and workers near retirement age (age 55 and over). The statement for the last group includes information about some things to consider before retiring and claiming benefits, such as:
- The best age to claim benefits
- Receiving benefits while you work
- Retirement age considerations
- Avoiding the Medicare penalty
If you can't get online, visit your local Social Security office, where you can also get your statement.
- In:
- Social Security Administration
View all articles by Ray Martin on CBS MoneyWatch»
Ray Martin has been a practicing financial advisor since 1986, providing financial guidance and advice to individuals. He has appeared regularly as a contributor on the CBS Early Show, CBS NewsPath, as a columnist on CBS Moneywatch.com and on NBC-TV's morning newscast TODAY. He has also appeared on the Oprah Winfrey Show and is the author of two books.
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