The social security statement is an important estimate. It shows what benefits a person will get after retirement. Also, it reveals what the family members will receive if the breadwinner dies. Do you want to know more about Social Security Statement? Then you are in the right place. The Social Security Administration does not send the statement to people under sixty. But young people who want to check their statements can create a social security account.
In the account, they can check the status anytime. This will allow them to check their taxes paid and earnings history online. Here you will learn-
- How to check your social security statements?
- What are the benefits of social security?
- How to create account to check social security?
- What will this statement consist of?
- Why social security is useful if a person dies?
Table of Contents
To get the social security statement you have to visit ssa.gov/myaccount. Then create your personal social security account in it. It will be the same as any financial site you may visit. So after you create an account you can visit the site to check the social security data anytime you want.
You have to verify your identity by answering the queries. Then you can set up your online account. You have to type in your username and password. After that, you will receive a one-time security code for confirmation each time you log in to the account.
What will this statement contain?
A social security statement is a statement given by Social Security Administration (SSA). It will have the records of all the benefits you will receive when you retire. Also if a person suffers from a disability he can file a claim. According to that, he will receive benefits.
The information in the statement is an estimate, not precise data. The SSA will collect the records of your earnings and also the taxes paid. But they will not know the future earnings. With your early earnings, the SSA will show the estimate of your benefits in the future.
Here is the following information you can get from the social security statement
- The benefits of the full retirement age possibly 67.
- The retirement benefits if there is a delay in collecting the benefits possibly age 70.
- It will have the information of benefits if you decide to collect the benefits from age 62. This is the earliest age that makes you eligible to get retirement benefits.
- The disability insurance benefit if a person gets disabled because of unfortunate events.
- The survivor’s benefits for the family of the deceased.
The statement will also contain the record of the annual earnings. Moreover, you can also have a look at Social Security and Medicare taxes you have paid.
Why check the statement?
You can check the social security statement. So you can assess the amount of income you will get after retirement. Some of the sources of income included in the statement are pensions, benefits and more.
For instance, if you need $5,000 per month in retirement then you will get $2,000 monthly in benefits. Then your retirement portfolio will be $3,000 per month. So knowing your social security benefits is important.
Furthermore, it also is important if you want to know the income in case of disability. Often the disability benefits in social security are not well known by many people. But this can also provide you and your family good benefits at the time of need.
If the breadwinner of the family dies, then social security benefits the families. For instance, the dependant family will get the income through monthly payments. The benefits will depend on the record of the person’s work before his death. Sometimes the spouse and the child will also become eligible for a one-time death benefit.
The earnings chart will consist of the amount paid for Social Security and Medicare. You have to double-check these amounts from time to time. This is to make sure you are receiving the credits for the payments. Furthermore, the workers need to pay 6.2% of their salary to Social Security up to $142,800.
Then they have to pay 1.45% of their salary for Medicare. It is the different percentage for self-employed workers. Thus it is better to check the statement status to know the benefits of your contributions.
This is the information you have to learn about Social Security. Enjoy the arrangements after your retirement. Therefore, you can have a comfortable life with the benefits of your labour. Also it is beneficial for families in case of death and disability.