With as much mail as we receive these days, it’s important to be able to tell the good from the bad and the ugly. Be careful, however, because some of what may appear at first to be unnerving may not always be a cause for fear or alarm.
Although clearly addressed from the government and postmarked with the government use stamp, the Social Security statement is certainly nothing to dread. In fact, in the event that you do become disabled or deceased, the information contained in the report will be extremely valuable to those you love the most.
The statement typically arrives within a few months of your birthday each year. You can also order a statement from Social Security Administration at any time. Contained in the report is information and a history of your employment earnings that were subject to Social Security withholding for each calendar year. The statement will tell you in specific, easy-to-read language how much money you or your survivors would be entitled to receive in the event of your death or if you become disabled and must apply for Social Security disability.
The statement will also help you to plan for your retirement, as different amounts are payable depending on your age at the time of your retirement. Additionally, mistakes are made from time to time regarding your past earnings, your address or even your name, in cases of name changes due to marriage, divorce or other circumstances. The IRS and the Social Security Administration share information about your name and address, so this is another opportunity to make sure that the IRS has it right as well.
