The Social Security Administration is revamping its website to make the process of planning for retirement easier for Americans.
Statements found online will now show a person’s estimated social security benefit amount.
This is helpful because people can now see what they need to save in order to cover what benefits won’t.
Related: COLA: What does inflation mean for social security benefits?
The website is now showing people their personalized estimates of their benefits in the future.
Now people can see if they can afford to retire earlier or how much longer they should work. They can also see what they need to do to get bigger payments in the long run.
How to use the Social Security Administration website to check future statements
You can create an account through the social security website if you’re 18 and older.
Once you login, you’ll see your job history with an estimate of what your future benefits will be.
This is only an estimate because benefits are decided on by taking the average of a person’s working years. The 35 years with the highest wages are used.
The statement also uses language that is easier to understand. Colorful graphs that use easy to understand terms or examples have been added.
Related: Social Security: What age do recipients no longer pay taxes on benefits?
The statement also benefits those who already claim social security. Business can be completed through the statement.
Claimants can now add banking details, get direct deposit, change information, and easily obtain benefit verification letters.
This change may make is easier in some scenarios to replace a social security card.
Related: Social Security: What age do recipients no longer pay taxes on benefits?
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