You can check your Social Security statement easily by logging onto the Social Security Administration’s website (www.ssa.gov/mysocialsecurity). But do you know what you should be looking for?
A recent article in USA Today highlighted 6 items to keep in mind while reviewing your statement.
- The statement you’re looking at is your estimated benefits if you start collecting at full retirement age. It does not take into account taxes, deductions or future COLA’s (cost-of-living adjustments).
- The estimate you’re seeing assumes that you’ll continue working at the same pay grade until your full retirement age. Any change — a pay raise or stoppage of work — could significantly change your actual benefits.
- Your Social Security statement will show you multiple estimates — based on whether you take retirement at 62, full retirement age or 70. You can also see estimates for disability and family benefits.
- Social Security benefits are based off your 35 most profitable years of work. That being said, it’s important to remember that working past 35 years allows you to replace years with lower or zero earnings.
- Checking your Social Security statement lets you review your work history and make sure all earnings are accounted for. If you’re able to catch any discrepancy in your work history, you can avoid missing out on dollars you’ve earned.
- To check your retirement benefits, you need to have earned at least 40 credits (approximately equal to ten years of work). Credits are based on dollars earned.
To learn more, check out the article below.