The Social Security Administration (SSA) has decided to resume the periodic mailing of Social Security Statements (SSS) while encouraging everyone to create a secure online account. To create an online account, simply go to: My Social Security Account. Most American workers (those who have not signed up for an online account and who are not currently receiving SS benefits) will receive a SSS every five years under the new program. The new program will mail SSS to persons attaining ages 25, 30, 35, 40, 45, 50, 55, and 60. Once workers attain age 60, they will receive an annual statement from the SSA.
Since a person’s social security benefits are based his/her earnings history, it is VERY important that workers periodically check their earnings records against their W-2 statements to ensure that their earnings are being properly recorded by the SSA.
For persons who are planning to retire soon, it is important to obtain a copy of their estimated social security benefit so that the amount of the expected benefit is considered as part of one’s retirement planning. We do suggest that retirement planning actually begin at least five years before your anticipated retirement date to maximize your planning opportunities.
If you want to learn more about your retirement plans, we invite you to call 610-594-2601 today to make an appointment at our Exton PA CPA office to discuss your situation. You can also schedule a consultation at Click Here.