Learn How Much Social Security Benefits You Will Receive with New Online Tool

By Samantha Savory

The U.S. Social Security Administration recently launched a new online tool to help workers view their Social Security earnings and benefits with the ease of a few clicks and an Internet connection. According to the USA Today, the new tool also allows people to estimate their retirement, disability and survivor benefits.

Many Americans are relieved that major government agencies like Social Security are finally catching up with the times and using advanced technology to better communicate with Americans rather than using standard mail that takes too long. Social Security annual earnings statements use to be sent out via standard mail but was suspended in 2011 and has now transitioned to this new cost effective online platform. Some exceptions apply to the standard mailing of a person’s current earnings statement. Paper statements will be mailed to workers 60 and older who aren’t already receiving benefits by next year. Later this year, paper statements will be mailed to workers in the year they turn 25.

Before people can start reviewing their online earnings statement, they must first register their account at http://www.ssa.gov/mystatement/. Be prepared to answer personal questions for security purposes.

With this new technology tool, people can see how much they will realistically earn when they are at the age they want to retire but remember to consider the increase in the cost of living and inflation. The program gives you three estimates for monthly payments at age 62, full retirement age (which varies, depending on when you were born) or age 70. Make sure to examine all your options so you can be fully prepared for retiring happy and financially secure.

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