For FERS and CSRS Offset employees who are eligible for Social Security, your personalized Social Security Statement provides crucial retirement-planning information. Unfortunately, the Social Security Administration only sends hard copies to workers age 60 and older. This may be a little late in the retirement-planning process especially if you find errors in your work record. The solution: create your personal, online “my Social Security account.” It’s free, safe and secure: https://www.ssa.gov/myaccount/
Personalized Information Based On Your Birth Date & Earnings Record
Using your birth date, your Social Security statement provides your Full Retirement Age (FRA) and personalized estimates of your monthly benefits based on your earnings to date. Estimates assume you’ll continue to earn your current yearly salary until you start your benefits. Your statement includes a chart that shows your estimated, monthly retirement starting at age 62, which is the earliest you can apply for benefits, and every year thereafter through age 70.
Disability and Survivors Benefits
Based on the same personalized information, you’re provided with the estimated monthly amount of disability benefits should you become disabled “right now.” Your statement also provides an estimate of survivors’ benefits for each eligible family member should you pass away in the current year:
- Minor Child(ren)
- Spouse, if caring for a disabled child younger than age 16
- Spouse, if benefits start at full retirement age
- Plus the maximum monthly total for family benefits
“It’s important to review your earnings history to ensure it’s accurate because the Social Security Administration bases your benefits on their records.”
Your Complete Earnings History
Your personalized chart starts with the first year your earnings were taxed for Social Security and Medicare. It’s important to review your earnings history to ensure it’s accurate because the Social Security Administration bases your benefits on these records. If you find an error, you can call 1-800-772-1213.
How Can This Information Help?
It helps you decide whether or not you want to delay your Social Security benefits to maximize your monthly check. An example provided on the SSA.gov site shows that “Wanda Worker,” who currently earns $54,489 per year, will get $1,465 if she files early at age 62. Each successive year, her benefit is a bit larger. The big surprise: if she delays until age 70, Wanda’s benefit will be an estimated $2,634.
Other estimates like Disability Benefits and Survivors’ Benefits can help you determine if you want to purchase additional insurance to cover you and your loved ones. When you set up your online account, you can also make address changes, provide direct deposit information and get replacement Social Security and Medicare cards.
