Since the government redesigned this annual form, it’s a lot easier to see what you need to know. Most of this vital information can be accessed online, but here are the highlights:
- The statement is available online through the my Social Security portal at www.socialsecurity.gov/myaccount and by mail.
- The redesigned Statement now includes a bar graph displaying your personalized retirement benefit estimates at nine different ages, depending on when you want benefits to start.
- It also includes your earnings history, and information on how to report an error if you find one.
“More than 61 million people have already created my Social Security accounts,” according to the Social Security Administration.
“U.S. citizens age 18 or older can easily view their redesigned Social Security Statement online by creating a my Social Security account. People age 60 or older who do not receive benefits and do not have a my Social Security account will receive their Statement by mail three months before their birthday. Workers should check their Statement at least once a year for accuracy.”
Whatever you do, take a close look at your statement. Do you know when you want to retire? Crosscheck your estimated payments with your nest egg. Although you can start retirement benefits at age 62, if you wait until 70, you can reap a higher monthly payment.
Will you be able to retire comfortably when you combine the two income streams? It’s simple math, but do it early in your retirement planning process.