This change in social security statement could simplify your retirement planning

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The Social Security Administration has announced a further overhaul of the statement that could allow Americans to maximize their benefits in retirement. (iStock)

The Social Security Administration (SSA) announced in October the overhaul of its online statement, which will allow Americans to view their estimated social security benefits in retirement and even take control of their retirement planning to maximize them.

“One of my main priorities is to provide information to people in clear and simple terms about social security programs and services,” said Acting SSA Commissioner Kilolo Kijakazi. “The Simplified Social Security Statement contains clear messages and makes it easy to find information at a glance, which helps to simplify our complex programs for the public. “

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Workers can increase their social security wages

U.S. citizens aged 18 and over can create a “my Social Security account” to view their work history and see an estimate of their future payments and benefits online. Those who did not open an account before age 60 will begin receiving benefit statements by mail three months before their birthday.

The Social Security Administration suggests that working people check their accounts at least once a year to make sure their income is being recorded accurately.

Once online, users can see their eligibility for benefits if they start receiving benefits at the eligible age of 62. Those retirees who withdraw their benefits early will receive less than the full monthly amount each year. The paycheck amount for Social Security benefits reaches the full amount at age 67, which is considered full retirement age. Those who wait until age 70 to withdraw their benefits are entitled to more to delay their retirement, and Americans gain nothing financially by delaying their benefits beyond age 70.

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New changes in Social Security benefit declarations

Social Security announced that its new online interface allows users to quickly access and understand their personal information, allowing them to do key decisions about their financial future and the amount of their future benefits. Here are some changes to the new version Social security declaration:

  • Ability to display benefit eligibility in easy-to-use boxes on the first page
  • Custom estimates of pension benefits for all ages in a colored bar graph
  • Record revenue in a column for users to verify the accuracy of revenue information
  • Added key points on benefits that may not be known to everyone

“The agency has conducted extensive research, reviews and testing to make the updated statement easy to understand,” SSA said. “The new return is shorter, uses visuals and plain language, and includes fact sheets tailored to a person’s age and income history. expect to receive Social Security benefits and a personalized income history, in a clear and concise manner. “

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