Why You Should Check Your Social Security Statement
In order to accurately assess how much income youll need in retirement, and therefore how big of a retirement portfolio youll need to produce that income, you have to consider retirement income from non-investment sources. This includes pensions, income generated by non-retirement assets, and Social Security benefits.
For example, if you expect to need $5,000 per month in retirement, but you will receive $2,000 per month in Social Security benefits, then your retirement portfolio will only need to generate $3,000 per month.
Knowing your Social Security benefit is also important because most workers today arent covered by a defined benefit pension plan. Those were the employer-only funded plans that many of todays retirees enjoy. But most workers today will be dependent on a combination of Social Security benefits and the income generated by a generously funded retirement portfolio.
Apart from retirement, its also important to know how much you can expect to receive if you needed to file for disability. This is an often under-appreciated benefit of Social Security, but an extremely important one for everyone who relies primarily on earned income to provide for themselves and their families.
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.
Request The Social Security Record Of A Deceased Spouse To Confirm Earnings Credits
Its each citizen or legal aliens responsibility to check his or her Social Security earnings record on a regular basis. How much you actually earned and contributed to Social Security might differ from the information Social Security has in the Social Security record.
If your now deceased spouse was self-employed and delayed filing net income returns for any reason, current Social Security records might not reflect an accurate picture of how much he or she earned. You can request the deceased individuals Social Security record to verify the information. If the statute of limitations for reporting all of his or her earnings hasnt elapsed, you can correct the information. Consult a financial adviser about your situation.
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How To Register For A Social Security Account
To retrieve your Social Security annual statements online, you need to be at least 18 years old and have a:
- Valid email address
- Social Security Number and
- U.S. mailing address
If you meet these criteria, register for a my Social Security account on the SSA website, and follow these instructions:
The password has several requirements, so please take note on the website for qualifications. In addition, the security questions are important if you forget your password. You will have to answer a question to verify your account and reset your password.
How To Find Your Social Security Statement
The Social Security Administration mails out statements to workers but the easiest way to get yours is to go online.
You can get your statement by creating a mySocialSecurity acount, which is free to do. To create your account, youll need to choose a user name and password. Youll also need to have:
- A valid email address
- Your Social Security numbers
- A U.S. mailing address
You have to be at least 18 to set up a mySocialSecurity account. You cant open an account for anyone else or using anyone elses personal information. Doing so can open you up to criminal and civil penalties.
Once you create a user name and password and verify your personal information, youll receive an activation code. Youll just need to enter the activation code to finalize your account. From there, you can log in and view your Social Security Statement.
- View Social Security and Medicare taxes paid
- Request a replacement Social Security card
Once you begin receiving benefits from Social Security, you can use your mySocialSecurity account to review payments. You can also make updates to personal information and request a replacement Medicare card.
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Getting A Social Security Number For A New Baby
The easiest way to get a Social Security number for your child is at the hospital after they are born when you apply for your childs birth certificate. If you wait to apply for a number at a Social Security office, there may be delays while SSA verifies your childs birth certificate.
Your child will need their own Social Security number so you can:
- Claim your child as a dependent on your income tax return
- Open a bank account in their name
- Get medical coverage for them
- Apply for government services for them
Keep your Social Security card in a safe place to protect yourself from identity theft.
More Than 60 Million People Receive Social Security Payments Every Year And The Ssa Have Imtroduced My Social Security To Make It Easier To Claim The Support
Social Security is paid for by the monthly contributions made by hundreds of millions of Americans and it provides financial support designed to help retirees and peoples with disabilities.
As a general rule, the higher your salary the larger your Social Security contributions will be. This means that the size of your entitlement from the Social Security Administration will also vary.
How To Get A Copy Of Your Social Security Statement
The SSA mails out Social Security Statements to follks age 25 and over before their birthdays during their 25, 30, 35, 40, 45, 50, 55, and 60 years. For those age 60 until retirement, the SSA will send out statements every year. You can also go online to get a copy of your statement or view it online. Go to www.ssa.gov/mystatement/ and open an account with Social Security to view your statement.
What Is A Social Security Card
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.
If You’re Not Sure Why You Received A Payment
Contact the authorizing agency directly to find out why they sent the payment. You may be able to find the authorizing agency in the memo line of the check. View this diagram of a sample Treasury check to help you locate the authorizing agency contact information on your own check. Scroll about half way down the page to see the diagram.
If you’re unable to find which agency authorized the payment, . They can help you determine which government agency you need to contact. To find which RFC you need to call, look for its city and state at the top center of the check.
Use the Treasury Check Verification System to verify that the check is legitmate and issued by the government.
Earn Ssa Work Credits In Some Countries
You may not have enough credits from your work in the United States to qualify for retirement benefits. But, you may be able to count your work credits from another country. The SSA has agreements with 24 countries. If you earned credits in one of those countries, they can help you qualify for U.S. benefits.
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Find Out Your Estimated Social Security Benefits
Periodically checking your estimated Social Security benefits serves several purposes: It helps you plan for retirement and allows you to check for and correct errors.
The Social Security Administration keeps a database of your earnings record and work credits, tracking both through your Social Security number. You can see this information on your Social Security Statement, which is available to everyone age 25 and over. The Social Security Statement also gives you an estimate of the benefits you’ll receive at retirement age, which can play an important role in your financial planning.
How To Check Your Social Security Statement
The Social Security Administration used to send paper statements to wage earners each year. These statements listed your wages and Social Security credits for the year, and a tally of your lifetime earnings and credits. Based on this information, the agency provided an estimate of your future Social Security retirement, disability and survivor benefits. If you haven’t seen one of these statements in a while, don’t be surprised. As of 2011, Social Security no longer mails annual statements to most workers. However, you can still check your statement online through the the agency’s website.
Go to the Social Security Administration website at ssa.gov.
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Where Is My Social Security Annual Earnings Statement
View your Social Security statements online to check your earnings and benefits. It only takes a few steps to gain access to this valuable retirement planning tool.
For many years, nearly every American who was actively paying Social Security tax received an annual earning statement from the Social Security Administration . This statement provided information regarding individuals earnings history and expected Social Security benefits, which was especially useful to those approaching retirement and for confirming proper credit for taxes paid.
After eliminating paper statements in 2011 due to budget cuts, the SSA has partially resumed mailing them to people who have not signed up to view them online. Statements will be sent to workers every five years if you are under the age of 60, and every year if you are over the age of 60. If you need the information between statements or prefer not to receive paper, dont fret as you can still easily get your information online by setting up an account.
Your Social Security Statement Is About To Get A Lot Easier To Read
Acting Commissioner of Social Security, Kilolo Kijakazi, introduced a new update to the Social Security Statement available online through the mySocialSecurity portal. The new, simplified version of the statement will also be available through the mail.
This statement is one of the most effective tools people can use to learn about their earning and future Social Security benefits, the SSA said in a press release.
The streamlined Social Security Statement contains clear messaging and makes it easier to find information at a glance, helping to simplify our complex programs for the public Kijakazi said.
The SSA stated the agency conducted extensive research, review and testing to make the new statement easily accessible and easy to understand. The new format is shorter, uses graphics and plain language and includes fact sheets customized for a persons age and earnings history. It also includes information like how much a worker and family members could expect to receive in Social Security benefits and personalized earnings history for every person.
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Social Security: New Fact Sheet Added To Your Online Statement
Your Social Security statement tells you how much you or your family can expect to receive in disability, survivors, and retirement benefits. It also provides a record of your earnings history and other valuable information.
And now its even better! Weve added new fact sheets to accompany the online statement.
The fact sheets are designed to provide clear and useful information, based on your age group and earnings. They can help you better understand Social Security programs and benefits.
The new Statement fact sheets cover the following topics:
Retirement readiness for workers in four age groups.
Workers with non-covered earnings who may be subject to the Windfall Elimination Provision and Government Pension Offset.
Social Security basics for new workers.
How people become eligible for benefits .
How additional work can increase your future benefits.
Medicare readiness for workers age 62 and up.
The best way to get access to your statement and the new fact sheets is by using your personal my Social Security account. If you dont have a personal my Social Security account, be sure to create one at www.ssa.gov/myaccount.
To learn more, visit the Social Security statement webpage at www.ssa.gov/myaccount/statement.html. Please share these resources with your friends and family.
What If I Find An Error On My Statement
Earnings may be missing for several reasons, according to SocialSecurity.gov. Your employer may have reported your earnings using the wrong Social Security number, or you may have married or divorced and changed your name but forgotten to report it to the agency.
The first thing to do is to collect proof of the missing earnings, such as a W-2 wage statement, a pay stub or a tax return. If you dont have any documents, you can write down the name of your employer, the dates you worked, how much you earned, and the name and Social Security number you used. Then contact Social Security to correct the error. The process could take some time and involve contacting former employers, the agency says.
Cindy Hounsell, president of the Womens Institute for a Secure Retirement, urged people to at least save their W-2 forms, in case they need them to correct their earnings record. If a former employer goes out of business, it may be difficult or impossible to obtain them later.
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How To Check Your Earning Records
You can access your Social Security earning records from the age of 18 and above by creating a MySocialSecurity account which will be linked to your payment history.
To access your records, you must first log into www.ssa.gov/myaccount, where you will find estimates of your retirement, disability and survivors benefits for the future.
Errors on your account must be corrected within just over three years or they could prevent Social Security funds being given to you.
To give some context as to where in the US you are likely to receive the most and least amount of Social Security benefits, the list below details the five states that are expected to see the highest average Social Security benefits in the following year.
How To Get Your Social Security Statement Online
Your Social Security Statement is available to view online at any time by opening a my Social Security account on www.ssa.gov/myaccount. This allows users to learn about their future Social Security benefits and to see their current earnings history.
Make sure to check that your Social Security number is correct on the account, and that your personal details and marital status are up to date. This will ensure that the earnings are all correct.
For workers aged 60 and over without a Social Security account, your Social Security Statements should be mailed to you three months ahead of your birthday.
Submit A Declaration Of Attendance At School Or University
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 and
- select Submit Declaration of attendance at school or university.
How To Read Your Social Security Statement
The first page of your statement offers an overview of the information youll find included. Youll also find links for other tools you can use to estimate or apply for Social Security benefits.
On the second and third pages, youll see a breakdown of your estimated benefits for:
- Family and survivors benefits
For retirement, youll see estimated benefit amounts if you take Social Security at age 62. There are also estimates for benefits at full retirement age and age 70. Taking Social Security at age 62 reduces the benefit amount youre eligible to receive.
Waiting until age 70 to start taking benefits, on the other hand, can increase your benefit amount. If youre wondering how much youd be able to get from Social Security after early or late retirement, that information can help.
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