Social Security plays an important role in retirement planning for most Americans, providing a steady source of income in your later years. However, many individuals overlook the importance of regularly reviewing their Social Security Statement for accuracy and planning.
Fortunately, accessing and reviewing your statement through Social Security's online services is easy. Whether retirement is just around the corner or many years away, understanding the benefits you can expect from Social Security is essential, and your statement is the ticket to getting key details.
What Is a Social Security Statement?
The Social Security Administration (SSA) makes Social Security statements available to show taxpayers the estimated benefits they will be entitled to receive upon retirement or if they become disabled.
The statement contains the following information:
An earnings record tracing back to your first job
The amount of Social Security and Medicare taxes you’ve paid since you started working
Your retirement benefit at full retirement age
The highest retirement benefit you can receive if you delay collecting until age 70
The lowest retirement benefit you would receive if you begin collecting at the earliest eligible age of 62
Your disability insurance benefit should you need to file a claim
Survivor’s benefits for your spouse and dependent children if you were to die while receiving Social Security
Because your Social Security retirement benefit is based on your taxed wage or self-employment earnings history, the number fluctuates over time. When you retire, your actual benefits will be calculated based on the 35 highest-earning years of your career.
While the estimated benefit on the statement assumes that you’ll continue to earn at the same level that you earned in the most recent tax year, that might not be true. If your future income earnings are higher, your benefit amount will increase; if your earnings decrease, the benefit amount may decrease.
Why Is It Important to Review Your Social Security Statement?
Reviewing your Social Security Statement is an essential step in financial planning. It offers key insights into estimating future income, planning for retirement, and understanding disability or survivor benefits. Regularly checking your statement ensures accuracy and keeps you informed about policy or benefit changes, helping you stay on track with your financial goals.
Knowing Where You Stand
For retirement planning, your statement helps assess how much income you’ll need to supplement your benefits. For example, if your estimated monthly retirement expenses are $5,500 and your Social Security benefits are projected to be $1,800, you'll need to plan for the $3,700 shortfall. Knowing this allows you to strategize ways to save more, invest, reduce expenses, or identify alternative income sources.
Your statement also details disability benefits, which can help determine whether you need additional insurance to protect your family’s financial well-being in the event of a disabling condition. It covers survivor benefits, too, which are meant to ensure your family is provided for after your passing.
Catching Errors and Fraud
Social Security benefits are calculated based on your lifetime earnings record, so any errors—such as missing income from employers or discrepancies due to name changes—can reduce your benefits. Mistakes occur and can cost you big. Checking your statement regularly allows you to be proactive about preventing problems in the future.
As more people engage in the gig economy, freelance work, or part-time employment when approaching retirement or to supplement retirement income, it’s important to recognize that these non-traditional earnings affect Social Security contributions and benefits. In these roles, taxes may not be automatically withheld, which can lead to underpayment of Social Security contributions. It could also contribute to tricky tax burdens in later years. If you earn income this way, you’ll need to stay on top of it to ensure you receive the correct benefits and avoid surprises.
In addition to ensuring your earnings are accurately reported, regularly reviewing your Social Security Statement helps protect against identity theft and fraud. By catching discrepancies early, you can take steps to prevent fraudulent activity and secure your personal information.
Staying Informed
Changes to Social Security policies can have a big impact on your benefits, so it’s important to stay informed. For example, the 2025 Social Security cost-of-living adjustment (COLA) is 2.5%, significantly lower than last year's 3.2%, leaving retirees concerned about rising costs amid ongoing inflation. Similarly, the SSA recently raised the earnings cap for payroll taxes, which affects higher earners’ contributions and benefits. Changes to the full retirement age have also been implemented gradually, influencing when individuals can claim full benefits. It’s best to follow the news with your specific numbers in mind so you can keep your strategies aligned with your expected benefits. [1,2]
How Can I View My Social Security Statement Online and Access SSA’s Other Digital Services?
Accessing your Social Security Statement has become significantly easier thanks to the Social Security Administration’s (SSA) digital services. In the past, you had to wait for an annual statement to arrive in the mail or request one through the U.S. Postal Service. Now, with the introduction of the mySocial Security portal at https://secure.ssa.gov/RIL/SiView.action, you can review your statement anytime online.
To access digital services, you’ll need to create a mySocial Security account by visiting www.ssa.gov/myaccount and choosing either Login.gov or ID.me as your credential service provider. Both options securely verify your identity and require an email address, password, and two-step verification. If you’ve never accessed Social Security online, follow the prompts to create an account. Once your account is created, you can log in securely with your username and password to access your Social Security Statement anytime.
A mySocial Security account offers a range of convenient online services. Before receiving benefits, you can use the portal to request a replacement Social Security card, view your Social Security Statement, access personalized estimates for your and your spouse’s retirement benefits, obtain proof that you do not receive benefits, and check your application status. If you are already receiving SSA benefits, the account allows you to manage direct deposits, access your Social Security 1099 (SSA-1099) form, update your address, and print a benefit verification letter.
What Should I Do If I Find Incorrect Information on My Social Security Statement?
You should take action immediately to fix any inaccurate or missing information on your Social Security statement. A W-2 form, tax return, pay stub, or other documentation proving your employment and income will be required for verification. If you no longer have access to official proof, you'll need to obtain information about your job, including your employer’s name, the name and Social Security number you used, the dates you worked there, and the amount you earned.
With this information in hand, reach out to the Social Security Administration (SSA) to request the necessary updates. It’s a process that may take some time, as the SSA may need to contact your past employers to verify records, so don’t delay.
Take Action
The sooner you review and address any issues on your Social Security Statement, the more smoothly your transition to retirement will go. By taking just a few minutes every so often to check your Social Security statement, you can confirm that the information the SSA has on file is accurate and up-to-date.
Knowing exactly what you can expect from Social Security allows you to plan more effectively for retirement, helping you make informed decisions about savings, investments, and other financial strategies. Having accurate records prevents delays or complications when you begin receiving your benefits.
Reviewing your statement and projected benefits through Social Security online services is quick and easy, yet incredibly valuable for your financial future.
Sources:
John J. Diak, CFP® is the Principal & Client Wealth Manager at Oatley & Diak, LLC in Parker, Colorado. He assists clients through many difficult lifestyle changes such as business downturns, retirement planning, divorce, the death of a spouse, and family estate issues among others. Oatley & Diak, LLC is a family-run registered investment advisory (RIA) firm that provides clients with investment management and financial planning services in a hands-on, intimate environment. Learn more about them at oatleydiak.com.
The opinions expressed in this material are for general informational purposes only and are not intended to provide specific advice or recommendations.
This material was prepared in collaboration with Crystal Marketing Solutions, LLC, and edited using artificial intelligence, based on sources believed to be accurate. This information is for educational purposes only, does not necessarily reflect the views of the presenter or affiliates, and should not be construed as investment, tax, or legal advice.