Social Security’s Benefits Statement Mailing

Whether you’re in your early 60s and closing in on retirement, in your mid‑20s with decades to go or somewhere in between, you should be aware of an important retirement planning resource from the Social Security Administration (SSA), a benefits statement that outlines your personal retirement and disability benefits — two key components of a comprehensive financial plan.

What is it?

About three months before their birthday, the SSA mails Social Security statements to workers age 60 and over who are not receiving Social Security benefits and who are not registered for a “my Social Security” account.

On each statement you’ll find

• year‑by‑year histories of your taxed Social Security earnings starting in the year 2001. Earlier year earnings have been combined
• estimates of your monthly retirement benefits if you claim between age 62 and 70*
• estimated monthly disability payments, effective immediately
• estimated monthly benefits to survivors, effective immediately

*Full Retirement Age is 66 for anyone born 1943 to 1954. It increases by two months for every year from 1955 to 1959. FRA is age 67 for anyone born in 1960 or later

The statement reminds you that Social Security is meant to be the foundation — and not the sole source — of your retirement income. After reviewing your statement, you may realize that you might need to further supplement your benefits with potential income from a 401(k) or other retirement plan, savings or investments.

An action plan

To make the most of the personal retirement and disability benefits information sent to you by the SSA, you may want to consider following these four simple steps:

1) Take a few moments to review the diagrams below to see what the statement can tell you.

2) Familiarize yourself with the estimated benefits available to you and your family as outlined on the statement.

3) Schedule an appointment with your investment professional to review your Social Security statement and incorporate any pertinent information into your overall financial plan.

4) If appropriate, this might also be a good opportunity to discuss making changes to your retirement portfolio with your financial advisor or investment professional.

Creating or accessing your personal my Social Security account

• If you have accessed my Social Security with a Social Security username and password that you created before September 18, 2021: You should still sign in using your Social Security username and password. This is the first option on the Sign In screen.
• If this is your first time trying to access my Social Security, you must choose to sign in with a Login.gov¹ or an ID.me² account.
  - If you do not have a Login.gov or ID.me account: You will be directed to Login.gov or ID.me to register for an account if you do not have one. After successfully registering for your Login.gov or ID.me account, you will be redirected to the Social Security website.
  - If you already have a Login.gov or ID.me credential: You can sign in with your credential on the my Social Security webpage and follow the prompts.

FAST FACT

If you have a security freeze, fraud alert, or both on your credit report please ask your credit reporting agency or the Social Security’s Identity Service Provider to lift your security freeze or fraud alert before accessing your account.   Source: Social Security Administration.

KEY POINTS

• You can request a benefits statement online. Simply go to the Social Security Administration’s web site (ssa.gov.), sign up for a “my Social Security account.”
• To complete the electronic form, you’ll need the following information:
  • your name as shown on your Social Security card
  • your Social Security number
  • your date of birth
  • your place of birth
  • your mother’s maiden name (to help identify you)

Resources

For further information about your SSA benefits statement, visit Social Security online at ssa.gov.

To create or access your personal Social Security account
ssa.gov/myaccount/

Social Security office locator
secure.ssa.gov/ICON/main.jsp

¹ Login.gov, is the public’s one account for simple, secure, and private access to participating U.S. government agencies.
² ID.me is single sign-on provider that meets the U.S. government’s online identity proofing and authentication requirements.

Source: ssa.gov.

Important Disclosures: 

MFS Fund Distributors, Inc. is not  affiliated with LPL Financial or StrateFi Wealth Management.

This material is provided for general and educational purposes only and is not investment advice. The investments you choose should correspond to your financial needs, goals, and risk tolerance. Please consult a financial advisor or investment professional before making any investment or financial decisions or purchasing any financial, securities or investment related service or product, including any investment product or service described in these materials.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.  

Investing involves risks including possible loss of principal.