Q:

What is the SS benefits statement?

A:

Quick Answer

The SS benefits statement is a statement from Social Security that includes a record of the earnings a person has paid taxes on. It also includes an estimate of the benefits the person may receive at the different ages of retirement.

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Full Answer

The Social Security Administration mails out the statements to individuals who are 25 years old and older. These statements are received before their birthdays during the ages of 25, 30, 35, 40, 45, 50, 55, and 60 years. For those who are 60 and until retirement, the Social Security Administration sends out statements ever year. People can also go online to get copies of their statements or view them online at the Social Security Administration's website.

The statement shows a person's Social Security retirement benefits depending on when a person claims them. People can claim benefits before or after their full retirement age, which is age 65 to 67. The longer a person waits to start receiving Social Security benefits, the higher the amounts they may receive. It is not always better to wait until full retirement age, however. If a person needs the benefits for living expenses or for health reasons that make it unlikely he may live past age 75, he may want to collect them sooner.

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