GOOD READS

7 Tips for Using Online Social Security Statements

Social Security statements are now available online for workers age 18 and older. You can get an estimate of the retirement or disability benefits you could receive, or how much your children will get if you pass away. The online statements also allow you to find out how much money you've earned over your career and the amount you've paid into Social Security and Medicare. Here's how to make the most of this new online tool:

Be prepared to verify your identity. To get access to your Social Security statement online, you'll have to answer a series of personal questions based on information on file with the credit reporting agency Experian and the Social Security Administration. Be prepared to answer questions about previous residences, financial products you own, and provide your Social Security number. These questions are meant to verify your identity and protect your personal information.

Sign up for text-message alerts. You will receive a paper letter and e-mail when you create a Social Security online account. For an additional level of security, sign up to receive a text message each time someone logs into your account.

Print out your statement. The Social Security Administration suspended the mailing of annual paper statements in April 2011 to save money. Paper statements will now be mailed only to people age 60 and older who haven't yet signed up for benefits, 25-year-olds, and people who are unable to use the online tool. Consider printing out your statement once a year for your records.

Check your earnings record. Your Social Security payments are calculated based on your 35 highest-earning years in the workforce. Your Social Security statement lists how much you earned in each year of your career. Make sure your earnings are accurately recorded in your Social Security record so that you will get the full benefit you have earned.

Use the tool to make retirement decisions. The online statements provide an estimate of the monthly payment you can expect to receive at age 62, at your full retirement age, and at age 70. Benefit amounts increase for each year you delay claiming between ages 62 and 70. Use this information to make a decision about when to sign up for Social Security benefits.

Plan for the unexpected. Take note of the monthly payment you will receive if you become disabled and can no longer work, and how much your spouse or children will get if you die.

Log in around your birthday. Online statements will be updated annually as new earning information is received. Michael Astrue, Commissioner of Social Security, recommends checking your online statement at the same time each year, such as around your birthday.

Twitter: @aiming2retire



More From US News & World Report

Quiz: How well do you know India's economy?

Question 1

Which of these products is India the world's largest producer of?

Poll Choice Options
  • Wheat
  • Rice
  • Milk
1
2
3
4
5
6
7
8
9
10

Latest News

  • BSE Sensex hits record high for third straight day

    The BSE Sensex and Nifty hit record highs for a third session in a row as infrastructure companies such as Larsen & Toubro extended recent gains while lenders including Yes Bank advanced on hopes the worst ... …

  • Sensex, Nifty at new highs; capital goods sector gains

    Mumbai, April 23 (IANS) A benchmark index of Indian equities markets touched a record high of 22,912.52 points Wednesday for the third straight day, surpassing the 22,853.03 points it touched Tuesday. ... …

  • Rupee falls for third day; foreign fund inflows key

    The rupee weakened for a third consecutive session on Wednesday, falling below the 61 to the dollar mark for the first time in more than a month, hurt by good demand for the greenback from importers and by continued weakness in Asian currencies. Most emerging Asian currencies fell as the Chinese yuan extended its recent decline to a 16-month low, while the Indonesian rupiah touched its weakest level in more than seven weeks due to increasing month-end dollar demand. It is likely revolve …

  • Procter & Gamble quarterly profit rises on home care sales

    Procter & Gamble Co , the world's largest household products maker, reported a higher quarterly profit on Wednesday, helped by an increase in sales of its home care products. Sales were unchanged at $20.6 ... …

  • HC pulls up Delhi chief secretary over water-logging

    New Delhi, April 23 (IANS) The Delhi High Court Wednesday pulled up the city chief secretary over water logging in the capital during the monsoon. A division bench of Chief Justice G. Rohini and Justice Pradeep Nandrajog slammed the city government, saying nothing was happening in the city as per the master plan. The court had summoned the chief secretary after the authorities failed to submit a report on short and long-term measures to tackle water-logging in the city. "We are living in an …

IN-DEPTH ANALYSIS & INTERVIEWS

  • This might well be India’s biggest Ponzi scam

    It was just too good to be true. Ashok Khital, 45, displays every symptom of a man who knows he's been conned. …

  • India's star studded football league

    High and mighty including Sachin, Salman & Sun Group buy ISL teams …

  • Leaderspeak with Rajesh Janey

    Rajesh Janey, President - India & SAARC, EMC shares many firsts in his life. …

  • Power Hungry

    Gujarat has power round-the-clock. Most other states do not. Why this will matter in the general elections. …

  • Etcetera

    The most keenly watched contest of the current general election will be the one for the Varanasi parliamentary seat, where the Bharatiya Janata Party's prime ministerial hopeful Narendra Modi squares off ... …

  • Economy vs Democracy

    As the country gets election fever, cash comes out of mattresses and turns into liquor, gifts, and food. But it is not bad for the health of the economy, reports Sarika Malhotra from the trenches. …

  • Bracing for Challenges

    Raghuram Rajan is preparing to deal with concerns that may arise when a new government takes charge. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    16.52-0.33-1.96%
    UNITECH.BO
    14.31-0.27-1.85%
    SUZLON.BO
    120.40+7.00+6.17%
    FRL.BO
    66.05+4.10+6.62%
    MANGCHEM.BO
    54.40+1.65+3.13%
    HCLINFO.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    16.20+2.70+20.00%
    JAGSONPH.BO
    53.50+8.90+19.96%
    RUSHIL.BO
    40.45+6.45+18.97%
    RCIIND.BO
    63.95+8.90+16.17%
    MRPL.BO
    24.00+3.10+14.83%
    NELCAST.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    24.25-6.00-19.83%
    BMAL.BO
    13.26-2.24-14.45%
    ZYLOG.BO
    30.15-4.05-11.84%
    DRDATSONS.BO
    19.55-2.45-11.14%
    MARAL.BO
    121.50-13.50-10.00%
    POKARNA.BO
  •  
    Recent Quotes
    Symbol Price Change % ChgChart 
    Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
    You need to enable your browser cookies to view your most recent quotes.
  • Recent Quotes News

    •  
      Sign-in to view quotes in your portfolios.