How to Get your Social Security Statement Online (& Check it Annually)

Ever wonder what happened to those nifty Social Security statements we all used to get in the mail? I did too. I received my Social Security statement in the mail in 2011but stopped receiving it the following year. It turns out that the Social Security Administration (SSA) temporarily stopped sending paper statements in early 2011 before restoring them due to complaintsin a cost cutting move (to save over $70 million annuallyat the time).

To replace the paper statementsa new SSA website was launched that allows you to access your Social Security statement online. A Social Security account is one of the few government accounts everyone should create as there are a number of helpful benefits to doing so.

How to Get your Social Security Statement Online

To retrieve your Social Security statement onlinethe process is pretty simple:

1. Go to the new Social Security statement website.
2. Create a login. You will have 3 options: login.govID.meor a unique SSA username login. You may have to answer a number of security questions to verify your identityincluding some information included on your Experian credit report.
3. View your statement.

The SSA has enhanced what is included in the statement from what was originally there. You can now find:

• Estimates of the retirement and disability benefits you may receivebased on when you retire
• Estimates of benefits your family may get when you receive Social Security or die
• A list of your annual and lifetime earnings according to Social Security’s records
• The estimated Social Security and Medicare taxes you’ve paid
• Information about qualifying and signing up for Medicare
• The opportunity to apply online for retirement and disability benefits
• An option to print or save your full Social Security Statement

Why Should you Check your Social Security Statement Online?

There are a number of reasons why you may want to check your Social Security statement:

1. Remedy errors: Much like with credit reportsyou should check your social security statement annually to make sure the correct earning totals are reported. If your earnings are under-reportedyou will receive less than you paid in when you do start claiming. And trying to remedy errors from decades earlier will likely be more than a choreso you want to catch them quickly each year. If your earnings are reported incorrectlycall 1-800-772-1213 to report the error.
2. Get an overview of your earnings: The greatest benefit of Social Security Statementsin my opinionis being able to see your historical earnings. This is represented by the “Taxed Medicare Earnings” columnif you’ve earned over the maximum payroll tax income level (which is annually adjusted to inflation).
3. Get an idea of what might be there in retirement (and then get let downmany years later): Without an overhaulSocial Security benefits will be under-funded for most Gen XGen Yand Gen Zers. You can get a good idea of what kind of benefits you may receive in retirementbut the reality is you probably will not get all of it. Social Security payouts should be looked at as bonus retirement money onlybut they are still a piece of the long-term retirement puzzle for many people.

Important Note on Social Security Statement Earnings Estimates: your earnings are based on the top 35 years of earnings. If you have fewer than 35 years of earningseach year with no earnings will be factored in at zero. You can increase your benefit by replacing those zero yearssayby working longereven if it’s just part-time. No low-earning year will replace a higher-earning year. The benefit isn’t based on 35 consecutive years of workbut the highest-earning 35 years.

How to Get a Social Security Statement in the Mail

Iffor some reasonyou’d like to get a Social Security Statement in the mailyou can fill out and mail in a form to request one. Alsothe option to opt-in to receiving Social Security statements by mail (in addition to online) was recently added to the online account creation processmaking it easily accessible to all.

Update: check out my comprehensive Social Security overview for everything you’d want to learn about Social Security.

Social Security Statement Discussion:

• Have you viewed your Social Security Statement Online yet?
• Do you miss the paper statements for any reason?

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