For the first time since 2011, the Social Security Administration is mailing paper benefit statements to beneficiaries.
The paper statements are going out to people who fall into one of the following two categories:
– Those who are not receiving benefits and are within three months of turning 25, 30, 35, 40, 45, 50, 55, and 60. (After age 60, workers will receive a statement every year.)
– Those who still haven’t registered for a My Social Security (www.ssa.gov/myaccount/) online account.
The statement will contain numerous sections. Here’s what each section means, courtesy of MinuteMan News Center:
Introduction and your estimated benefits. This section covers four categories. The first is your retirement benefits, which are based on your age when you start drawing them. The calculations are based on three critical ages as examples: 62 (the earliest age you can draw retirement benefits), 67 (the full retirement age for anyone born after 1960) and age 70 (the oldest anyone can start drawing benefits, generally at the highest level if you can wait). The second is disability, which refers to the amount of your monthly disability benefit if you qualify. Third, your family/survivors benefits if a loved one dies. And lastly, your Medicare eligibility and the particular facts to support that conclusion.
Your Earnings Record. This is a summary of your earnings that you need to verify for accuracy. Pull your annual tax returns as far back as you can to confirm this information, and if you work with a tax or financial planning professional, double-check their conclusions if you plan to challenge any errors with the SSA.
Some Facts About Social Security. Provides additional definitions and guidelines to better understand your statement and includes key contact information.
More information on mailed statements can be found here.
Photo Credit: 401(K) 2012 via Flickr Creative Commons License
