It was announced May of this year that the Social Security Administration (SSA) is providing statements online for beneficiaries 18 years old and above. This is said to be a cost-saving move that would help the federal agency save about $70 million dollars a year.
The online statement would basically contain an estimate of how much benefits an individual can receive, and the amount of money earned through the course of his or her career. More importantly, this would also keep a beneficiary informed of his or her estimated benefits that will have an impact upon reaching the retirement age.
An individual must, however, sign up a secure account to access the information. Upon completion of registration, the beneficiary may consider these important tips when looking up his or her online statement:
· Along with the online registration for the online statement is the registration for a text service. After signing up for the service, he or she will receive a text message every time someone enters his or her account. This would help provide information security.
· The Commissioner Michael J. Astrue has said that it is best for the individual to check his or her online statement once every year, preferably on his or her birthday. The online statement is updated every year, with new earning information supplied in the account.
· Checking the record of earnings is a must for the individual with an online statement. The calculations of the Social Security payments are based on the individual’s 35 highest-earning years while he or she is at work.
· The online statement’s main purpose is to help make certain decisions upon reaching the age of retirement, since it provides an estimate of the monthly payment he or she is expected to receive between the ages 62 to 70. If he or she delays claiming for retirement benefits, it is highly likely for him or her to have an increase in benefits.
An applicant can attain this new development of the SSA if his or her claim is approved. To speed up the process of the application, he or she can retain the services of a Los Angeles disability attorney. The reputable disability attorney will make every effort to help get his or her claim approved.
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