New and Improved Social Security Statements
The Social Security Administration (SSA) provides valuable information and retirement income planning tools to help workers determine how much they will receive in social security retirement benefits. Workers can get their personalized monthly retirement benefit estimate by accessing their newly streamlined statement at socialsecurity.gov/reviewyourstatement. The SSA no longer mails social security statements to workers; instead, it recommends that workers check their statement once per year to review the following:
- The accuracy of their earnings record
- Their estimated monthly retirement benefit, which displays how much they can expect to receive depending on when they decide to start benefits between ages 62 and 70
- Other useful information that will explain their benefits and help them prepare for their financial future
- New fact sheets that provide additional information based on their specific age group and earnings situation
Workers can also use calculators on the SSA website to change their future compensation and retirement age to see how these types of adjustments increase or decrease retirement benefits.