The Annual Social Security Statement May 2010
After one reaches age 25, the government sends you a gentle reminder of your age. It is your Social Security Statement! It should arrive about 3 months prior to your birthdate. I know mine just did. It’s a good idea to take the time to review it carefully.
Your Social Security Statement is a concise, easy-to-read personal record of the earnings on which you have paid Social Security taxes during your working years and a summary of the estimated benefits you and your family may receive as a result of those earnings.
You should keep your Statement with your other important papers. It is helpful in several ways:
- First, the benefit estimates in your Statement can play an important role in your financial planning. When combined with your savings, investments and other pensions, your Social Security benefits can help you build a secure future for yourself and your family.
- Second, the Statement can help you make sure your reported earnings and other important information such as your name and date of birth are correct on your record. Mistakes could keep you from getting all the Social Security benefits you have earned. The sooner you identify mistakes, the easier it will be to correct them.
- And finally, the general information on the Statement tells you about all the protection you are earning under Social Security. Many people think of Social Security only as a retirement program. The Statement shows how even young workers build valuable protection in case they become disabled or die before they reach retirement age.
Don’t just throw away the information. Check it over and if there are errors correct them now before you are eligible for benefits.