Your Social Security statement now will include a new fact sheet.
The fact sheet — which you can access along with your statement through the “my Social Security” section of the Social Security Administration’s website — is intended to provide key information based on your age group and earnings situation.
The SSA also says it hopes the fact sheets will help Americans better understand Social Security programs and benefits.
According to a Social Security Administration blog post, the fact sheets will cover important information about the following topics:
- Retirement readiness for workers in four different age groups.
- Workers with non-covered earnings who may be subject to the Windfall Elimination Provision and Government Pension Offset.
- Social Security basics for new workers.
- How people become eligible for benefits (for workers not fully insured).
- How additional work can increase your future benefits.
- Medicare readiness for workers age 62 and up.
To access both the statement and the fact sheet, you will need to sign up for an account at the SSA website if you do not already have an account.
As Jeff Miller explains in “Why You Must Sign Up for a Social Security Account Now,” this is a wise thing for everyone to do:
“With an online account, you can enter your own estimate of future earnings. Indeed, if you want to test what your benefits will be under different earnings scenarios, you can do this as well. This should provide you with a more accurate picture of what your future benefits will be.”
Miller is the co-founder of Social Security Choices, a company that provides advice on Social Security claiming decisions.
This company is one of a handful that provide a personalized analysis of various claiming strategies. While most charge in the $50 range, Social Security Choices sells its product for $39.99. But Money Talks News readers can do better.
When you buy a report, simply use the coupon code “moneytalks” to get a $10 discount.
Learn more about the service in “A Simple Way to Maximize Your Social Security.”