New Social Security Statement Layout
Transcript:
Hello everyone. This is Mike Hengehold. Today, I would like to take you on a tour of the new Social Security statement. If you've seen one already, I think you'll agree it is much improved. And if you haven't seen one yet, I think you'll agree that they've made some very nice enhancements to the document.
Regardless, I hope you enjoy our little tour.
So, the personal Social Security statement created to help you understand your Social Security benefits has been redesigned. The new statement is shorter, it uses visual elements in plain language and includes fact sheets tailored to your age and earnings history.
Page one contains personalized estimates of retirement, disability and survivor benefits along with a bar chart showing projected monthly retirement benefits at nine different claiming ages from age 62 to 70. Page two has a year-by-year table of your earnings history for any job, subject to Social Security and Medicare taxes, and how much you paid in those taxes.
It also contains descriptions of benefit calculations and notes on eligibility. To access your statement, visit ssa.gov and sign up for a My Social Security account. Once you have an account you can view, save and print up-to-date statements at any time. If you don't have an account, you really should, but you'll receive a personal Social Security statement in the mail every year if you're 60 or older and currently not claiming benefits. But people of any age can receive a paper statement by requesting it online at ssa.gov, or you can visit your local Social Security office to request a copy as well. Checking your statement once a year for accuracy is a great idea. It can provide insight into how Social Security benefits will fit into your overall retirement income plan, as well as your other financial plans.
If you need some help with this, feel free to reach out to your advisor at HCM at any time. And we'd be more than happy to help.
That does it for today everybody. Thanks for listening. Bye bye.
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Mike Hengehold, CPA/PFS MST RICP®
Mike is the Founder and President of HCM Wealth Advisors. Over the last 30 years, he’s provided financial planning guidance to a myriad of families to help them realize their financial dreams. Mike is an avid homebrewer and animal lover, and when he’s not at work you can often find him on the golf course working on his short game. |