Social Security Statements Available Online

As of May 1, the Social Security Administration now provides workers, ages 18 and over, with access to their Social Security statements online. For the first time, workers can access their benefit information, Social Security earnings and expected payout via the Internet. With the exception of workers ages 60 or older, the Social Security office will no longer mail workers hard copy statements.

Social Security Commissioner, Michael Astrue, stated that paperless statements and the ability to access Social Security earnings will serve as a financial planning tool of sorts. By checking online statements, users can estimate disability and survivor benefits and plan for their retirement. Such access also allows people to give financial planners more accurate and up-to-date information during meetings by printing or saving their records from their online account. Moreover, workers can verify that their Social Security earnings are accurately posted to their records by checking Social Security statements yearly. Because Social Security benefits are dependent on average earnings over a lifetime, it is important to make sure earnings accounted for are accurate as they translate into applicable benefits.

By creating a personalized Social Security account, you can access the online benefits estimator–a tool that compares and contrasts the benefits available at varying ages. While many Americans find it difficult to decide when to start taking their Social Security benefits, the online tool gives you the information you need to make the most informed decision.

While the transition to paperless statements is beneficial in a number of ways, workers must pass a sequence of privacy and security settings in order to set up an online account. In order to set up a personalized account, new users must be able to provide matching information about themselves with the information the Social Security Administration has on file. After providing matching information to Social Security records, users will be allowed to set up a “My Social Security” account with a specific username and password which grants access to the web portal’s tools. Other helpful links, such as applications for retirement, disability and Medicare are also included on the web portal, serving as streamlined tools for benefit, retirement and financial planning. While some have found the transition to paperless statements difficult, the Social Security office is working to resolve minor issues and make the transition more fluid.

Reports from those who have activated their online Social Security accounts and statements from the Social Security office warn new users to be patient and fill out information via the web portal carefully. With an unwavering commitment to protect user’s identities, the Social Security Administration has instated strict limitations for mismatched information provided via the web portal. If security questions are answered incorrectly, it can prove difficult to activate your account. Should this occur, you must visit your local Social Security office and present identification to be allowed internet access to your records.

By switching to a paperless statement, users are given a better opportunity to keep track of average lifetime earnings, accrued benefits and finances that will be passed along to family members after death. Such access to Social Security earnings will help workers better plan for retirement and estate and financial planning. As all paper statements will eventually be converted into electronic records, be sure to activate your Social Security account.

To set up your online Social Security account, please visit http://www.socialsecurity.gov/mystatement/.

If you have any questions regarding this change, please contact me at (805) 963-7811 or eboscacci@bpw.com.