The Social Security Administration has announced that they will resume the periodic mailing of Social Security Statements—once every five years for most workers– while encouraging everyone to create a secure my Social Security account to immediately access their Social Security Statement online, anytime.
The Social Security Statement is a valuable financial planning tool providing workers age 18 and older with important individualized information regarding their earnings, tax contributions, and estimates for future retirement, disability, and survivors benefits.
Beginning in September 2014, workers turning ages 25, 30, 35, 40, 45, 50, 55, and 60 who are not receiving Social Security benefits and who are not registered for a my Social Security account will receive their Social Security Statement in the mail about 3 months before their birthday.
After age 60, people will receive a Social Security Statement every year.
Social Security expects to send nearly 48 million Social Security Statements each year.
The Social Security Statement helps people plan for their financial future. In addition to providing future benefit estimates, the Social Security Statement highlights a person’s complete earnings history, allowing workers to verify the accuracy of their earnings. This is important because an individual’s future benefit amount is determined by the amount of their earnings over their lifetime.
To date, more than 14 million people have established a personalized my Social Security account at www.socialsecurity.gov/myaccount.
With a my Social Security account, a person may access their Social Security Statement from anywhere, whenever they choose.
Individuals who currently receive Social Security benefits should sign up for a my Social Security account to manage their benefit payments and, when the need arises, get an instant benefit verification letter, change their address and phone number, and start or change direct deposit of their benefit payment.
Posted by Sheri Abrams, Attorney at Law, www.sheriabrams.com