A key financial task you should complete each year is checking your Social Security statement. Here are six things to know.
Whether you’re on retirement’s doorstep or striding toward it, there’s one financial task you should complete each year: Check your Social Security statement.
To do so, you’ll have to create or sign in to your Social Security account at www.ssa.gov/mysocialsecurity. You can then receive personalized estimates of future benefits based on your real earnings, see your latest statement and review your earnings history.
So, what are some of the most important things to know when reviewing your statement?
• Today’s pretax dollars. Your Social Security Statement details what your estimated benefit will be at your full retirement age in today’s dollars, not future dollars. That can be confusing to people who are trying to estimate how much income they will need in retirement.