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| Seal of the United States Social Security Administration. It appears on Social Security cards. (Photo credit: Wikipedia) |
An important part of planning for retirement is knowing how much you can expect from Social Security. Once you know that, you can determine the amount you'll need to provide through personal investments and other sources to make up the difference between your Social Security payments and your anticipated income needs.
Now, you can access information about your estimated Social Security benefits more easily than ever. As of May 1, 2012, workers age 18 and older can view their personalized statements electronically through the Social Security Administration's website at www.ssa.gov.
The online statement provides a complete earnings history; the total Social Security and Medicare taxes you paid during your working career; and estimates of your retirement benefits at age 62, your full retirement age, and age 70, as well as estimates of your disability and survivor benefits.
This is the same information that had been included in the paper statements that were previously mailed once a year to all workers age 25 and older. The Social Security Administration suspended these mailings in April 2011 to save money. The online data will be updated annually, so it might be a good idea to get in the habit of checking your statement each year.
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