Page 30 - Enrollment Guide

30

Social Security Statements

The US Social Security administration (SSA) has launched a portal
which enables workers who have paid into the Social Security system to

view their personal earnings and beneits information. The new online
Social Security statement replaces the annual paper statement that was
suspended for those between the ages of 25 and 60.

Individuals age 18 and older can register at
www.socialsecurity.gov/mystatement, and after answering a series of
identifying questions, create a “My Social Security” account with a unique
user name and password. Once the information is veriied, they can
access their online statement and view the beneits that the Social Security
system intends to provide.

The new online Social Security statement can provide you with estimates
that can be used to plan for retirement. The online Statement also
provides estimates for disability and survivors beneits, making the

Statement an important inancial planning tool. Knowing the amount of
expected income from Social Security can help determine whether you
are saving enough through your 401(k) Plan to provide for an adequate
income in retirement. Many retirement experts counsel clients to aim
for a retirement income that replaces at least 70 percent of their inal
year’s salary. You can also determine whether your earnings are posted
accurately to your Social Security records.