New Statement Announced By Social Security
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New Statement Announced By Social Security
Social Security Statement Redesign
For most federal retirees, Social Security is a foundational source of retirement income.
It’s one leg of the “three-legged stool” of retirement income.
It’s important to know your estimated benefit amounts so you can plan accordingly for retirement.
Recently the Social Security administration announced a redesign to the statements you receive online and by mail. The Social Security Statement is one of the easiest ways retirees can learn about their future social security entitlements and earnings history.
The new look aims to give individuals a simple, easily digestible format.
According to the Social Security announcement, “The new Statement is shorter, uses visuals and plain language, and includes fact sheets tailored to a person’s age and earnings history. It also includes important information people have come to expect from the Statement, such as how much a worker and family members could expect to receive in Social Security benefits and a personalized earnings history, in a clear, concise manner.”
Acting Commissioner Kilolo Kijazakai stated, “One of my top priorities is to provide information to people in clear and plain terms about Social Security’s programs and services. The streamlined Social Security Statement contains clear messaging and makes it easier to find information at a glance, helping to simplify our complex programs for the public.”
An example of the new Social Security statement is shown below.
Source: ssa.gov
What It Means For You
When was the last time you checked your estimated benefit amounts?
It’s recommended to check your statement at least once per year for accuracy.
Also, only online statements are available for those under age 60 — mailed statements are available upon request.
One of our financial professionals can walk you through the following:
- Help you set up your Social Security Account
- Obtain a new estimated statement
- Review your statement and figures
- Explain you and your spouse’s options
- Assist you in claiming strategies
“You Don’t Know What You Don’t Know” and having the information you need can help you plan your retirement income.
Contact a financial professional from GPIS today — it’s complimentary!
For additional information, you reach us by calling 866-201-7829 or by sending an e-mail to info@gpis4u.org.
-Sam Wiss, RICP
This material is intended for information purposes only. By responding to this offer, you may be contacted by a licensed insurance and financial professional regarding life insurance and/or annuity products. Not affiliated with, or endorsed by, the federal government or any government agency. Contact your tax advisor regarding your specific situation.
WANT MORE INFORMATION?
We are here to help. Our goal is to provide you with the knowledge and tools to make educated decisions when it comes to your benefits and retirement. Contact us today!