Your Social Security Benefits Statement

Back in the olden days, you used to receive an annual statement from the Social Security Administration detailing your benefits projected to your potential retirement age(s). Nowadays you can go online ( and request a current statement at any time. If you haven’t gone online for your statement, you should receive a mailed copy of the statement every five years.

While the statement is designed to be pretty well self-explanatory, I thought it might be beneficial to review the statement so that you know what the statement is telling you.

First Page

This page is your basic SSA boilerplate, explaining to you some of the current details of the Social Security system, including the services and tools that they have available to you.

In addition, SSA points out that Social Security benefits should be only a part of the overall retirement resources picture. On average, Social Security will replace about 40% of your annual pre-retirement earnings.

Second Page

Now we’re into the meat of the report. At the top of the page is the detail of your Estimated Benefits. These estimates assume that your current earnings rates continue until the projected ages.  First are your Retirement Benefits – at Full Retirement Age (your FRA will be listed), at age 70, and at your early retirement age of 62 (if you’re not over this age already). These figures are helpful when planning retirement income, assuming that you expect to continue earning at your current income level until the projected age(s). You also must assume that the Social Security system

Keep reading this article on Financial Ducks In A Row.

Leave a Reply