In May, we sent out an article on HERE’S WHEN TO FILE FOR SOCIAL SECURITY. As a follow up, we are now asking have you checked out the **NEW** Your Social Security Statement? (See above.)
The Social Security Administration has made an update to Your Social Security Statement which details the benefits you are entitled to. I have no idea how long they had kept the original statement around with the green stripe and the 4 page booklet. [IMPORTANT: IT IS A ROLLING UPDATE SO NOT EVERYONE HAS THE NEW STATEMENT YET]
Now it is sleek with a graph showing your projected benefits at all ages from 62 to 70. It still has information on about Earnings History and Retirement & Survivor & Disability Benefits.
So, if you are over 60 you should receive a statement in the mail approximately 3 months prior to your birthday.
For everyone else, go to https://www.ssa.gov/myaccount/ and create an account.
Review your statement to see if everything is accurate. Pay close attention to the Earning History section because that is what the Social Security Administration uses to calculate the benefit.
Now review your benefits. Look at the difference between taking Social Security at 62, at your Full Retirement Age (66-67) or at 70. Basically you get a 8% raise for every year you wait to take your benefits. Also, have your spouse’s statement and look at their benefits. If there are large earnings difference or age differences between spouses there needs to be a financial plan put in place.
OLDFATHER FINANCIAL BENEFIT: Provide to us your spouse and your Social Security statements. We then can model out various scenarios to look for the optimal strategy when it come to getting the most of your benefits.