Monday, May 16, 2022

How To View Social Security Statement

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Guiding Clients Through The Creation Of Their My Social Security Account

Viewing Your Social Security Statement

If youre a financial advisor, the chances are high that youve already established your own my Social Security account . But it may have been several years or longer since youve created your account or helped walk a family member, friend, or client through the process.

In order to create amy Social Security account, individuals should visit www.ssa.gov/myaccount, and click the Create an Account button, after which individuals will be brought to another page, where they will need to click another Create New Account button .

From there, users will be prompted to agree to the Terms of Service, which include acknowledging that false or misleading statements can lead to civil and/or criminal penalties, as well as important restrictions on the extent to which others may aid in the process to establish the account .

After agreeing to the Terms of Service, clients will be required to provide some basic information, including the following:

  • First and last name, as shown on their Social Security card
  • Social Security number
  • Home address and
  • Email address.

Note that in an effort to help increase the security of workers my Social Security accounts, beginning June 10, 2017, two-factor authentication is required each time an individual logs into their account. Workers have the opportunity to provide a valid cell phone number to use for this purpose.

Nerd Note:

Apply For Cpp Disability Benefits

To apply online, you must:

  • be over the age of 18 and younger than 66 years
  • have made CPP contributions
  • have a Canadian address

Note: The Online CPP disability benefits application lets you save the progress made on your application after each completed section. You can come back to it within 90 days. This allows you to finish your application in multiple sessions.

You will not be able to apply online if:

  • you live in Quebec and have contributed to both the CPP and QPP
  • you are already in pay for CPP disability benefits
  • you do not have a Canadian address
  • your disability benefit was terminated because you returned back to work less than 2 years ago
  • you have a payee on file
  • you are under the control of a trustee

If any of the above applies to you, you will need to:

After you apply, you may sign in to your MSCA at any time to submit documents in support of your application for CPP disability benefits.

Using Page One Of The Social Security Statement As A Conversation Starter

Page 1 of the Social Security statement indicates that Social Security benefits are meant to be a supplementary source of income in retirement and should not be ones only source of income in retirement. The statement says :

Social Security benefits are not intended to be your only source of income when you retire. On average, Social Security will replace about 40 percent of your annual pre-retirement earnings. You will need other savings, investments, pensions, or retirement accounts to make sure you have enough money to live comfortably when you retire.

To the extent advisors have not already had such a discussion with the client, this can be an opportune time to discuss how much of a clients retirement income needs are anticipated to be covered by Social Security benefits.

Notably, while the Social Security statement states that, on average, 40% of pre-retirement earnings are replaced by Social Security benefits, this number is often dramatically lower for the high-income and/or high-net-worth individuals with whom many advisors work.

In some cases, clients may wish to see more of their future income needs covered by guaranteed sources. This can, in turn, lead to discussions about pension options, Qualifying Longevity Annuity Contracts and other Deferred Income Annuities , Single Premium Immediate Annuities , and other ways clients may wish to generate guaranteed income to cover a higher percentage of their desired/necessary retirement income.

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How To Get A Social Security Card

  • Gather your documents. Learn what documents you’ll need to get a card. Select your situation:
  • Adult or child
  • Original, replacement, or corrected card
  • U.S. born citizen, foreign born U.S. citizen, or noncitizen
  • Apply online for a replacement card. Apply online if youre not changing anything on your card and you are eligible. This option is available in most states. You will need to make a my Social Security account first. Or complete an application. If you can not apply online, fill out an application and return it to the SSA. Find out where to take it in person or mail it.
  • What Is A Social Security Card

    Your social security_statement

    Your Social Security card is an important piece of identification. You’ll need one to get a job, collect Social Security, or receive other government benefits.

    When you apply for a Social Security number , the Social Security Administration will assign you a nine-digit number. This is the same number that is printed on the Social Security card that SSA will issue you. If you change your name, you will need to get a corrected card.

    Also Check: Social Security Benefits How Much Can I Earn

    Paying Into Social Security

    Beneath the estimated benefits numbers is a section detailing how those numbers were calculated. You qualify for Social Security benefits by working. You can earn up to four credits per year, based on your earnings. According to the SSA, most people need to accumulate 40 credits or more to qualify for Social Security benefits.

    Remember, estimated benefits are based on federal law.The amount of benefits may change once you get closer to retirement. Its estimated that by 2034, payroll taxes will cover only 79% of scheduled benefits.

    The third page of your Social Security Statement includes your earnings record. This shows you each year youve worked, your taxed Social Security earnings for each year and your taxed Medicare earnings for each year.

    Below that, youll see estimated totals for the amount of Social Security and Medicare tax paid over your lifetime by both you and your employers. Youll also find an explanation of how your tax rate for Social Security and Medicare is calculated.

    How Do I Check To See If Someone Is Using My Social Security Number

    To see if your Social Security number is being used by someone else for employment purposes, review your Social Security Statement at www.socialsecurity.gov/myaccount to look for suspicious activity. Finally, you’ll want to use additional scrutiny by regularly checking your bank and credit card accounts online.

    Also Check: When Should I Collect My Social Security

    Disability And Survivor Benefits

    In addition to retirement benefit eligibility, the statement also provides estimates as to what your monthly income would be if you claimed disability benefits.

    There are also estimates for how much monthly income through survivor benefits your eligible spouse or minor children may receive if you pass away.

    Submit A Declaration Of Attendance At School Or University

    How to look up your Social Security statement online

    Students aged 18 to 25 who are renewing their childrens benefit are now able to submit their proof of enrolment by signing into or registering for MSCA.

    To submit your request online:

    • sign in to your MSCA account
    • navigate to the Canada Pension Plan / Old Age Security section
    • select Submit Declaration of attendance at school or university

    Recommended Reading: How Much Money Do I Get From Social Security

    How Can I Find Out More About Ssdi

    • Visit www.ssa.gov online choose disability
    • Visit ssabest.benefits.gov to learn about Social Security benefits you might be eligible for including SSDI
    • Go to your nearest Social Security office

    You can find out how much you would get from SSDI by looking at your Social Security statement. The statement shows your work history and an estimate of what your benefits would be at this time. To get a Social Security statement:

    • Request a statement online through Social Securitys website at www.ssa.gov. Click on My Social Security on the left side of the page.

    Note that SSDI is different from SSI . SSI is for people with disabilities or who are at least 65 years old and who have limited income and resources. See our information on Supplemental Security Income .

    How Can I Get A Social Security Statement That Shows A Record Of My Earnings And An Estimate Of My Future Benefits

    You can get your personal Social Security Statement online by using your mySocial Security account. If you dont yet have an account, you can easily create one. Your online Statement gives you secure and convenient access to your earnings records. It also shows estimates for retirement, disability and survivors benefits you and your family may be eligible for. To set up or use your account to get your online Social Security Statement, go to . We also mail paper Statements to workers age 60 and older three months before their birthday if they dont receive Social Security benefits and dont yet have a mySocial Security account. Workers who dont want to wait for their scheduled mailing can request their Social Security Statement by following these instructions. The Statement will arrive by mail in four to six weeks.

    Important Information:

    Also Check: So Ial Security

    How To Correct An Error On Your Social Security Statement

    If you have evidence of your covered earnings in the year or years for which you think Social Security has made an error, call Social Security’s helpline at 800-772-1213, Monday through Friday, from 7 a.m. to 7 p.m. This is the line that takes all kinds of Social Security questions, and it is often swamped, so be patient. It is best to call early in the morning or late in the afternoon, late in the week, or late in the month. Have all your documents handy when you speak with a representative.

    If you would rather speak with someone in person, call your local Social Security office and make an appointment to see someone there, or drop into the office during regular business hours. If you drop in, be prepared to wait, perhaps as long as an hour or two, before you get to see a representative. Bring with you two copies of your benefits statement and the evidence that supports your claim of higher income. That way, you can leave one copy with the Social Security worker. Write down the name of the person with whom you speak so that you can reach the same person when you follow up.

    The process to correct errors is slow. It may take several months to have the changes made in your record. After Social Security confirms that it has corrected your record, request another benefits statement to make sure the correct information made it to your file.

    What If Someone Steals My Social Security Number

    SSA

    All of this is of course very interesting, but lets bring it back to the point of this article: what if some bad guy steals, obtains, guesses at, or otherwise gets hold of your Social Security Number? As it happens, all kinds of bad things!

    Because you have to have a Social Security Number to get a job in the United States , crooks are very fond of stealing SSNs specifically for the purpose of selling them to people who do not already have permission to work in the United States, so that those people can get a job.

    Nothing is wrong with people getting jobs, of course, but if they are using your Social Security Number, it can cause untold confusion and issues with your taxes and your Social Security benefits. You could even LOSE your Social Security benefits and that can be hundreds of thousands of dollars.

    As you can see, it is very important for you to be able to tell whether someone is using your Social Security Number without your permission. In this article, I will show you several methods of detecting whether your Social Security Number has been compromised.

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    How To Check Your Social Security Statement Online

    It’s easy to check your Social Security statement online. Everything works exactly as you’d expect and the website security is tight. Here’s how.

  • Head to the official Social Security website.
  • Create an account. Follow the instructions carefully. When you receive your activation code, return to the Social Security website to complete the process.
  • After you’ve created your account, log in. Even here, you’ll encounter an additional security measure. After you submit your password, the website will email you a one-time security code. After you enter that, you’ll be able to access your information.
  • From the main page of your account, you have access to all of your basic Social Security info, such as your earning record:

    And your estimated benefits:

    You can also download your most recent Social Security statement and/or order a replacement card.

    There’s not a lot to see in your Social Security account, but that’s fine. Sometimes you simply need to check your estimated benefits or your lifetime earnings. The Social Security website makes that easy and efficient to do.

    If You’re Not Sure Why You Received A Payment

    If you receive a check or direct deposit payment from the Treasury Department and do not know what its for, contact the regional financial center that issued it.

    If you received a check, look for the RFCs city and state at the top center. Then contact that RFC to find out which federal agency authorized the payment. It will be one of these:

    If you received payment byelectronic funds transfer , or direct deposit, follow the directions under Find Information About a Payment.

    Use the Treasury Check Verification System to verify that the check is legitimate and issued by the government.

    Also Check: Check How Much Social Security I Have

    How Can I Get A Form Ssa

    An SSA-1099 is a tax form we mail each year in January to people who receive Social Security benefits. It shows the total amount of benefits you received from Social Security in the previous year so you know how much Social Security income to report to IRS on your tax return.

    If you are a nonresident alien and you received or repaid Social Security benefits last year, we will send you form SSA-1042S instead.

    The forms SSA-1099 and SSA-1042S are not available for people who receive Supplemental Security Income .

    If you currently live in the United States and you need a replacement form SSA-1099 or SSA-1042S, we have a new way for you to get an instant replacement quickly and easily beginning February 1st by:

    • Using your online mySocial Security account. If you dont already have an account, you can create one online. Go to . Once you are logged in to your account, select the “Replacement Documents” tab
    • Calling us at 1-800-772-1213 , Monday through Friday, 8:00 am 7:00 pm or

    Early Or Late Social Security Statements Are Getting A Much

    Can I See My Social Security Statement Online? Yes!

    If youre old enough and have worked long enough, you may recall getting an annual Social Security statement in the mail, about three months before your birthday, with estimations of your benefits.

    But budget cuts put a stop to the mailings for most workers. Now, if you want to see your personal Social Security statement, youll have to create an online account. If you dont have an account, or you have one but havent checked your statement lately, you should. The Social Security Administration has given the statement a makeover. Its shorter streamlined down to two pages from the previous four and, thankfully, better written.

    I give them a lot of credit for trying to make this more user-friendly and trying to explain a variety of things like disability and survivor benefits, said Joel Eskovitz, director of Social Security and Savings at AARP Public Policy Institute. Its a lot of information to convey and generally speaking, I think theyve done a really good job.

    The most useful change to the statement is a color bar chart that shows the estimated monthly retirement payments youd get each year starting at age 62 when you first become eligible. Previous statements just showed the monthly amount at 62, your full retirement age, and an estimate of what youd receive by waiting until 70. The increases stop when you reach 70.

    Read Also: How Many Years Do I Need To Work To Get Social Security

    How To Obtain Your Social Security Statement

    How to Obtain Your Social Security Statement

    If you are approaching eligibility for Social Security retirement benefits or are already past age 62 you are used to receiving your latest statement in the mail every year. You may or may not have noticed that you didnt receive one in 2011, but depending on how close you were to filing for benefits you may not have cared very much either way.

    Getting Your Current Statement

    The Social Security Administration stopped mailing statements in 2011 as part of a cost-cutting effort, but resumed sending them in 2012 to people over age 60. I have recently learned that the mailed statement program will gradually go the way of the dinosaur, and that eventually we will all be required to obtain our statements online. 2012 also marked the launch of an SSA online initiative, which includes the opportunity for most of us to create an account and obtain our own statements on the SSA website.

    I set up my account sometime last year and hadnt been back there since September 2012 until today. I went back today after I learned that its getting tougher to create ones own account I wanted to see if it would be tougher to get back in.

    Meanwhile, I had minimal problems when I logged in. I learned that the password is good for only 180 days, so I had to invent a new one, but when that was done I was in the clear.

    Anyway, heres how you join the brave new world of Social Security online:

    1. Go to

    4. Follow the instructions

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