30 Nov Checking for Changes to Your Social Security Statement
Social Security Statements have gone virtual, and it’s a reminder to check for changes that could impact your benefits! Gone are the days of the Social Security Administration sending statements to our homes. However, in the age of email and MyChart, it's likely no surprise that the SSA, too, has gone paperless.
What is a Social Security Statement?
A Social Security Statement is a document that tracks your yearly earnings and what you pay into the Social Security retirement system. It includes an estimate of your future retirement benefits, Medicare, and disability benefits if you are unable to work because of a medical condition.
Why is it Important to Check Your Social Security Statement for Changes?
As with any financial statement, it's important to make sure the information listed on your Social Security Statement is correct. If your income is wrong on your Social Security Statement, you could lose out on future benefits. For example, the amount of your monthly retirement benefit could be lower if a year of your income is missing from your statement.
The information in your Social Security Statement is also helpful for making big decisions about your financial future. For instance, let's say you are 62 and you are trying to decide if you should stay at work, apply for Social Security Disability Insurance (SSDI), or take early retirement. You could use your Social Security Statement to figure out which would make the most financial sense.
Generally, people who file for retirement early, starting at the age of 62, will receive less money than if they wait until their full retirement age. When someone files for SSDI, what they will receive monthly is closer to what they would receive if they waited until their full retirement age. By looking at your Social Security Statement, you can actually see what your benefits would be, and then make educated decisions.
How Do I View My Statement?
To view your Social Security Statement, you first need to create a MySocialSecurity account on the SSA website. Once you've created your account, you can:
- Start or change your direct deposit
- Request a replacement Social Security card
- Download a current Benefit Verification Letter
- Use the portal’s retirement calculator
- Explore information about other online services
To see changes to the Social Security Statement, visit SSA.gov.
About Triage Cancer
Triage Cancer is a national, nonprofit providing free education to people diagnosed with cancer, advocates, caregivers, and health care professionals on cancer-related legal and practical issues. Through events, materials, and resources, Triage Cancer is dedicated to helping people move beyond diagnosis. To learn more about the topics discussed in this blog, see our Disability Insurance Resources and our Quick Guide to Leaving Work.
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