How to Read Social Security Benefits Statements
A few months before each birthday you will receive your social security benefits statement. This will occur every year after you turn 25. Whether this is your first statement, or you are reaching retirement age, you need to be able to properly read and understand your benefits statement. You want to make certain that after years of work that you will obtain your rightful benefits. So, follow these tips on how to read and follow the SSA benefits statement that you receive.
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Instructions
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Identify your statement when you open it up. Your correct name and address will be on the front page. Your date of birth and last 4 digits of your social security number in the top section of the second page. Before you proceed, make certain it is your information you are assessing.
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Read the top of page two. This breaks down the amount of monthly benefits you will qualify for at retirement age. This can start as early as age 62, but as you will see, if you work a few years longer or wait to claim the benefits until then, you will receive a higher monthly allotment. It also informs you of your disability and survivor benefit eligibility amounts, should you need to claim these.
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Verify the accuracy of your work history dates and earnings on the top of page three. If there are any discrepancies, you should contact the social security administration and possibly your past employer right away. The information and number needed to contact the SSA is given in the last paragraph on page three.
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File your statements. You will want to keep these easily accessible so that they can assist you in planning for your future needs. You should receive one statement the same time each year, so this is not a burdensome task, but something you should be aware of, as it affects you and your family's future.
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Check out the Social Security website for other information and/or helpful tips and information. There are also other agencies that can assist you like, AARP with trained people to help with your more difficult questions or needs.
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Tips & Warnings
On the front of your statement, it does read that the retirement benefits you will receive are not meant to supplement totally your living expenses, you do need to have made other plans and investments to secure your future.
