As the agency works to reopen its field offices, the Social Security Administration recommends that beneficiaries visit its website.
Many people don't like applying for benefits online. According to the Center for Retirement Research at Boston College, only half of retirees have used that method.
Even though the Social Security Administration has increased its tools for online applications, it is expected to continue to do so following a recent executive order signed by President Joe Biden.
The new online benefit statements may hold important information for boosting your Social Security retirement benefits.
My Social Security can be used to access the statements online. Three months before a person's birthday, they should receive their statements in the mail if they haven't signed up for an online account.
The Social Security Administration wants to make it easier for workers to find information with the new layout. The fact sheets are tailored to the age cohort.
Workers of all ages should check their statements annually. Workers of all ages who contribute to the program are required to be 18 to 70 years old.
Experts say that the records hold clues about how to get the most out of your benefits. There is more information that isn't included in the statements that you should seek out.
Benefit estimates are included in the blue bar graph when someone is claiming nine different ages.
When you first become eligible, you take permanent reduced benefits.
For each year you wait up to 70, the amount of your benefit checks will increase. You will receive 100% of the benefits you earned if you claim at your full retirement age of 66 or 67. If you wait past that age, your benefits will increase even more. There is no increase for delaying benefits past 70.
The retirement benefit amount is shown in a chart in the statement.
David Freitag, a financial planning consultant and Social Security expert at MassMutual, said that the blue bar form is a good addition for workers who need information to make good choices about their benefits.
The table of a worker's earnings history is included in the new statements.
The previous statement format included all of the years on a worker's earnings record, but the new statement only includes 20 years of earnings.
There is a full earnings history for workers on My Social Security accounts. It's important to take the extra step to see your full earnings history because looking at just 20 years is limiting.
Social Security takes your 35 highest-earning years into account.
Errors can happen. The Social Security Administration and other experts advise workers to check their earnings history to make sure they have earned the correct amount.
Joe Elsasser is the founder and president of Covisum, a Social Security claiming software.
He said that sometimes people have a zero.
If you worked in jobs where you didn't pay Social Security taxes, your benefits may be adjusted. You and your family's benefit eligibility are affected by the Windfall Elimination Provision or Government Pension Offset.
Freitag said that the only way to test for WEP/GPO offsets is to see the entire earnings history.
If you claim disability benefits, the statement provides estimates of your monthly income.
Estimates are given for how much your spouse or minor children will receive if you pass away.
The benefits statement will tell you if you have earned enough credits to be eligible for Medicare at 65.
The Social Security Administration notes that if you don't enroll in Medicare Part B when you reach your birthday, you may face delays or higher monthly premiums.
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