Social Security Statements Now Available Online!!

For many, Social Security is the largest source of income in retirement and the election of social security benefits should be one of the most important decisions a family makes in this transition. So imagine how difficult planning decisions for families became when in April  2011, the Social Security Administration announced that it was taking cost savings measures which would halt the mailing of annual statements. This news was definitely disappointing for families and their financial advisors who understand the significance of accurate and timely information. The lack of reliable reporting from the Administration only decreased access to valuable data and increased the confusion for local families to help make important income planning decisions.

The good news is that the Social Security Administration has reversed, at least in part, their decision to send annual statements, which resumed again in February of this year, but only for those ages 60 and older.

More recently and more exciting, is that now the Social Security Administration is making available to everyone a copy of your statements online.  To receive a personalized online statement, you first have to create a “My Social Security” account at www.socialsecurity.gov/mystatement. You’ll be asked to provide basic information like your name, birth date and SSN as well as verify your identity by answering questions which the SSA checks against your credit history.

In our office, we are encouraging everyone to create your “My Social Security” account, today, and review the information which this report contains, such as:

• Estimates of the retirement and disability benefits you may receive
• Estimates of benefits your family may get when you receive Social Security or die
• A list of your lifetime earnings according to Social Security’s records
• Things to consider for those age 55 and older who are thinking of retiring
• General information about Social Security for everyone

Some of the most important numbers on this report are your lifetime earnings. Unfortunately, it is not all that uncommon for errors to occur on this area of the statement and your ultimate benefits will be calculated off of an average of your top 35 years of earnings history. Even small errors on this report should be corrected as soon as possible.

Finally, through your “My Social Security” account, you can even apply for benefits online, saving you a trip to their offices. I would caution you to use this feature sparingly, and only after consulting with a professional who can explain all of your social security planning options thoroughly. We often see families who do not take full advantage of all of the planning options available to them in this area. Informed decisions about how and when to claim Social Security benefits can mean thousands of extra dollars a year, and tens of thousands of dollars over a lifetime.

This is just one example of the good financial strategies that are available to you when you partner with a knowledgeable professional like those at Secured Retirement Advisors. In order to help you with these and many other decisions, we have recently updated our website and now offer many FREE downloadable resources which including our “Social Security Decisions Guide” which can help answer many retirement questions. Feel free to visit us at www.securedretirements.com and help yourself to our educational materials.  If you would like a complementary “3 Step Review” of your own retirement plan, call Secured Retirement Advisors at 952-460-3260.