People have been urged to establish online accounts by the government. However, the majority haven’t, which means they can’t check for mistakes on a regular basis. Some members of Congress want Americans to get a paper copy of at least one financial record: their yearly Social Security statement.
Importance of Online Account
Until about a decade ago, millions of employees received annual statements from the federal Social Security Administration soon before their birthdays. The documents provide a year-by-year accounting of their yearly earnings, as well as projections for their monthly retirement payment, according to a published article in The New York Times.
Senator Daniel Patrick Moynihan had pushed for the mailings for years, claiming that employees had money deducted from their paychecks for Social Security but had never heard from the program. He saw the mailings as an essential instrument for public education.
However, in order to save money, the Social Security Administration started encouraging individuals to get their statements online. A smaller group of individuals — those 60 and older who haven’t set up digital mySocialSecurity accounts and haven’t yet received benefits — will now get yearly statements in the mail. Paper statements are still accessible on a case-by-case basis.
Why You Should Check Your Statement?
A disparity in your wages may have an impact on your future benefits as well as raise concerns about potential identity theft. It’s possible that someone has been working illegally using your Social Security number if your wages are much greater than your records reflect.
Statements may also assist you in making retirement plans. You may check how much money you’ll earn in monthly benefits if you wait until you reach your “full” retirement age rather than receiving benefits at the age of 62. The complete retirement age for most individuals born in 1960 or later is 67. And if you wait until you’re 70 to start receiving benefits, your monthly payments will be much greater.
How To Check Your Statement Online?
You may establish a mySocialSecurity account online if you are 18 or older. You may check your statement online or print it when you log in. You may also set up an annual reminder to check-in and examine your data through email.
What To Do If There is an Error in Your Statement?
Collect evidence of the lost wages, such as a W-2 salary statement, a pay stub, or a tax return, as the first step. If you don’t have any papers, jot down your employer’s name, the days you worked, how much you were paid, and your name and Social Security number. Then call Social Security to get the mistake corrected. According to the organization, the procedure “may take some time” and will include contacting previous employers.