Since 1999, the Social Security Administration (SSA) has mailed annual statements to all workers over the age of 25. However, the cost to do so was over $70 million a year. In 2012, mailed statements were halted for workers under the age of 60. For those over 60 and who were not yet drawing on their Social Security benefits, the mailing continued. During this time, you may have not thought to check your reported earnings if you were not receiving a physical statement.
Why check your reported earnings?
The SSA is run by human beings which means errors can and do occur; therefore, it’s important for Lockheed Martin employees and their spouses to check their reported earnings each year on their Social Security statement. An error can cause you to receive less than expected from your retirement benefit. Checking your earnings can also help you with future planning and knowing how much you can plan to receive from your benefit at various ages. You can also see if any of your counted years are less than required and if you need to boost your earnings prior to starting your benefit.
Where can you find your Social Security statement?
If you are not receiving the paper copy of your statement, you will have to view it online. As of May 1, 2012, the Social Security Administration began to put everyone’s Social Security statement online. All workers over the age of 18 can see their statements simply by visiting my Social Security. You will need to set up an account by filling in your personal information, such as your name, address, phone number, and Social Security number, and will have to answer a few security questions. If you accidentally lock yourself out of your account, you can call 1-800-772-1213 to have your account unlocked.
Periodically, the site will be down for a few days while they update the statements. If that happens to you, just try again a week or so later. For detailed written instructions on how to access your account and to learn more tips like this for planning for retirement, give us a call today at 817-210-3444 or click HERE to book a complimentary consultation with one of our Lockheed Martin specialists.
WANT MORE LOCKHEED MARTIN INFORMATION?
Want to get better educated on Lockheed Martin retirement strategies? Then download our free report, Retire with Confidence: Top 4 Things You Can Do to Maximize your Lockheed Retirement.
Be sure and check back next week for more valuable Lockheed Martin information. Cheers!