What is a Social Security Statement?

A Social Security Statement is a record of all of the income that you have earned and you have paid Social Security taxes on while you were working. Your Social Security Statement also includes a summary of estimated benefits that you and your family should receive because of your earnings.

Statements are provided in two fashions. You can receive an automatic yearly mailed statement. These are sent to anyone working, or anyone who used to work and is aged 25 years and older. If you need a statement at a separate time or before you qualify for an automatic mailing, you can receive one at any time as long as you are currently working.

You are strongly advised to keep your Social Security Statement in a very safe place with other essential paperwork because you can use it in numerous ways. This statement can help you when taking care of your financial planning. This is because the statement provides benefit estimates that are essential to planning your future. Once you combine your Social Security benefits, savings, investments and even pension, you can begin planning for a solid financial future.

Another reason your Social Security Statement is critical is because it can help you verify that you have reported all earnings correctly. In addition, it helps you ensure that the Social Security Administration has an accurate record of essential information about you, such as your name and date of birth. If there is a mistake on such pertinent information, you may experience a delay when attempting to receive the Social Security benefits. Once you notice a mistake, contact the Social Security Administration and request it to be adjusted to ensure that this does not cause any delay.

Lastly, your statement provides information about protection you earn with Social Security. It shows how you are building protection, just in case you should become disabled or die even before you reach the retirement age.

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