Social Security Statements Now Available Online

Workers age 18 and older can now access their Social Security statements online, the Social Security Administration announced today. For the first time, workers can view their earnings history and expected Social Security payout via their home computer.

"Our new online Social Security statement is simple, easy-to-use, and provides people with estimates they can use to plan for their retirement," says Michael Astrue, Commissioner of Social Security. "The online statement also provides estimates for disability and survivors benefits, making the statement an important financial planning tool."

Your complete earnings history and the total Social Security and Medicare taxes you have paid over your working career are listed in the online statement. You can easily compare the retirement benefit you can expect to receive at age 62, at your full retirement age, and at age 70. Workers are also informed of the amount they will receive if they become disabled and how much their spouse or children will get if they pass away. There is an option to save or print out a copy of the four-page statement workers previously received in the mail.

To get access to a personalized online Social Security statement, workers must be able to provide personal information to verify their identity. You will need to answer a series of multiple-choice questions that might include inquiries about financial products you own, previous addresses, and even whether you have pet insurance. Data from the credit reporting agency Experian is used for verification purposes, but Social Security numbers are not shared with Experian. Individuals who cannot correctly answer the security questions based on information on file with Experian and Social Security will have the option to verify their identity and create an online account in person at a local Social Security office or to request that a paper Social Security statement be mailed to them.

Workers age 18 and older who have correctly verified their personal information will be invited to create a user name and password that will allow them to access their online statement. You will receive a paper letter and e-mail saying that you created an account. For added security, you can also set up a text-message alert for each time someone logs into your account. The portal includes links to other online services, including applications for retirement and disability benefits and Medicare.

The Social Security Administration spent approximately $2 million to develop the online Social Security statement tool in-house. And the agency expects to spend $7 million in the first year the tool is available primarily paying Experian for their data verification services and for the one-time mailings when workers first sign up for online Social Security statement accounts. But SSA expects this cost to decline in future years because they will do fewer mailings. In contrast, it costs about $70 million to print and mail paper statements to all adults age 25 and older each year, according to SSA. The data in the tool will be updated annually as the agency receives new earnings data. "People should get in the habit of checking their online statement each year, around their birthday, for example," says Astrue.

The online statements include considerably more information than the SSA's older retirement estimator tool, which provides estimates of retirement benefits to workers with at least 40 credits of work, but not disability or survivor's benefits or access to your complete earnings history. And young people and other workers with a short earnings history are ineligible to use the retirement estimator. However, the retirement estimator will remain available to workers who wish to use it.

Paper Social Security statements were previously mailed to all workers age 25 and older about three months before their birthday, but these annual mailings were suspended in April 2011 to save money. In February 2012, SSA resumed mailing paper statements to workers age 60 and older who are not yet receiving benefits. Later this year, the agency plans to begin mailing paper statements to workers in the year they reach age 25.

Online Social Security statements are the latest in a series of paperless changes to help the agency save money. The SSA has released a series of successful public service announcements starring Patty Duke that encourage workers to sign up for Social Security benefits online. And new Social Security recipients are no longer allowed the option to sign up for paper Social Security checks. Payments must be received by direct deposit to a bank account or via a prepaid Direct Express Debit MasterCard. Retirees currently receiving paper checks must switch to electronic payments by March 1, 2013.

Twitter: @aiming2retire



More From US News & World Report

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • BlackBerry to stop making signature smartphone; revenue slumps
    BlackBerry to stop making signature smartphone; revenue slumps Reuters - 3 minutes 18 seconds ago

    BlackBerry Ltd will outsource manufacturing of its once-core hardware, including its flagship smartphone, the Canadian company said on Wednesday as it reported another loss and sharp drop in revenue. The company also said Chief Financial Officer … More »

  • Germany denies preparing Deutsche Bank rescue plan
    Germany denies preparing Deutsche Bank rescue plan Reuters - 9 minutes ago

    The German government denied it was working on a rescue of Deutsche Bank (DBKGn.DE) as Germany's biggest lender boosted its balance sheet by selling its British insurance business on Wednesday. Deutsche is facing a $14 billion (£10.78 billion) fine … More »

  • Deutsche gets lift from $1.2 billion sale of Abbey Life to UK's Phoenix Reuters - 11 minutes ago

    Deutsche Bank AG (DBKGn.DE) has sold its British insurance business Abbey Life to Phoenix Group Holdings (PHNX.L) as it sheds non-core assets and reduces its balance sheet in an effort to reassure anxious investors and meet regulators' demands. … More »

  • Russian charged for flying drone over Polish PM's office AFP - 12 minutes ago

    Polish prosecutors said on Wednesday they had charged a Russian citizen with violating airspace laws for allegedly flying an unauthorised drone over the prime minister's office in Warsaw. Identified only ... … More »

  • Any ECB scheme to buy stocks could total 200 billion euros - ABN AMRO Reuters - 13 minutes ago

    The ECB is widely expected to extend its 1.7 trillion euro (£1.47 trillion) asset purchase programme given still low inflation and tepid economic growth, both of which the programme is designed to combat. In a note, ABN AMRO said the structure used … More »

  • AP Top Extended Financial Headlines at 7:44 a.m. EDT Associated Press - 14 minutes ago

    Wells Fargo says CEO John Stumpf and the executive who ran the bank's retail banking division will forfeit tens of millions of dollars in bonuses as the bank tries to stem a scandal over its sales practices... … More »

  • Moldova bans Ukraine meat over African swine fever fears Associated Press - 18 minutes ago

    Moldovan authorities are banning the import of live animals and meat from Ukraine due to fears of African swine fever. Agriculture Minister Eduard Grama says the ban begins Wednesday after several suspected ... … More »

  • Saudis soften oil stance on Iran but OPEC deal still elusive
    Saudis soften oil stance on Iran but OPEC deal still elusive Reuters - 19 minutes ago

    OPEC might still agree an oil output-limiting deal later this year as the economic problems of its de-facto leader Saudi Arabia force Riyadh to cede more ground to arch-rival Iran. Saudi Energy Minister Khalid al-Falih said on Tuesday Iran, Nigeria … More »

  • European stocks rebound awaiting OPEC decision
    European stocks rebound awaiting OPEC decision AFP News - 20 minutes ago

    European stock markets rebounded on Wednesday, brushing aside a broad retreat across Asia, as investors paid close attention to a meeting of OPEC to tackle a global supply glut. Around 1030 GMT, London's benchmark FTSE 100 index was up 0.7 percent. … More »

  • Old rivalries seen blocking OPEC deal to support oil price
    Old rivalries seen blocking OPEC deal to support oil price Associated Press - 21 minutes ago

    Prospects are dim for a deal among OPEC countries on Wednesday to freeze production and support oil prices, as disagreements persist between regional rivals Saudi Arabia and Iran. Officials from the Organization ... … More »

  • Credit Suisse CEO says bank relatively well positioned for Brexit
    Credit Suisse CEO says bank relatively well positioned for Brexit Reuters - 36 minutes ago

    Credit Suisse (CSGN.S) chief executive Tidjane Thiam said on Thursday that his bank is relatively well-placed to deal with the impact of Britain's vote to leave the European Union. Credit Suisse's EU investment banking business is run out of London … More »

  • Russian man suspected of breaking law with drone in Warsaw Associated Press - 42 minutes ago

    Warsaw prosecutors have officially informed a Russian citizen that he is suspected of violating Polish aviation law by flying a drone over Polish government buildings in Warsaw. In Poland, this is the ... … More »

  • BlackBerry revenue slumps; company outsources hardware
    BlackBerry revenue slumps; company outsources hardware Reuters - 45 minutes ago

    BlackBerry Ltd posted a 31.8 percent fall in second-quarter revenue and it said it would end all internal hardware development, including its well known smartphones. The Waterloo, Ontario-based company reported a net loss of $372 million, or 71 … More »

  • BlackBerry reports 2Q loss Associated Press - 47 minutes ago

    The Waterloo, Ontario-based company said it had a loss of 71 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, came to less than 1 cent on a per-share basis. The average ... … More »

  • Honda reports another Takata airbag rupture in fatal Malaysia crash Reuters - 56 minutes ago

    The incident on Sept. 24 took place in Johor, a state in southern Malaysia, and involved a 2009 Honda City. The car was part of a product recall announced by Honda in June last year, that required the replacement of the Takata driver's front … More »

  • Iran says OPEC talks in Algeria pave way for a deal - SHANA Reuters - 1 hour 0 minutes ago

    DUBAI (Reuters) - Iran's oil minister said on Wednesday an informal meeting of the Organization of the Petroleum Exporting Countries in Algeria could pave the way for a deal to stabilise the oil market. ... … More »

  • In the lion's den, Draghi to defend ECB at Bundestag
    In the lion's den, Draghi to defend ECB at Bundestag Reuters - 1 hour 6 minutes ago

    BERLIN/FRANKFURT (Reuters) - European Central Bank President Mario Draghi faces a grilling on Wednesday from German lawmakers who say the ECB's super-loose monetary policy has damaged the 19-country currency bloc and fuelled the rise of the populist … More »

  • Exclusive: U.S. seeks accused Manila banker's help to crack Bangladesh heist
    Exclusive: U.S. seeks accused Manila banker's help to crack Bangladesh heist Reuters - 1 hour 8 minutes ago

    The FBI is negotiating with a former branch manager of a Philippines bank for information relating to $81 million that she handled after it was stolen from the Bangladesh central bank's account at the New York Federal Reserve, her lawyer said. … More »

  • German finance minister says not working on rescue plan for Deutsche Bank Reuters - 1 hour 16 minutes ago

    The German Finance Ministry on Wednesday denied a newspaper report that the government was working on a rescue plan for Deutsche Bank (DBKGn.DE) in case the lender would be unable to raise capital to pay for costly litigation. "This report is … More »

  • Tie-up of world's biggest beer makers clears final hurdle Associated Press - 1 hour 32 minutes ago

    A deal worth over $100 billion to combine the world's two biggest beer companies cleared its last major hurdle Wednesday when the shareholders of SABMiller approved the takeover by Budweiser maker Anheuser-Busch ... … More »

  • SABMiller shareholders comfortably back AB InBev takeover offer
    SABMiller shareholders comfortably back AB InBev takeover offer Reuters - 1 hour 35 minutes ago

    SABMiller (SAB.L) shareholders backed the brewer's $100-billion-plus takeover by rival Anheuser-Busch InBev (ABI.BR) by a large majority on Wednesday, paving the way for one of the biggest corporate mergers in history. The 79 billion pound deal was … More »

  • SABMiller shareholders back AB InBev takeover
    SABMiller shareholders back AB InBev takeover AFP News - 1 hour 36 minutes ago

    British brewer SABMiller's shareholders on Wednesday approved a mega-takeover by rival Anheuser-Busch InBev, clearing the way for the creation of the world's biggest beer company. … More »

  • BRIEF-Gamuda Bhd qtrly net profit 152.1 mln rgt vs 153.7 mln rgt Reuters - 1 hour 42 minutes ago

    Sept 28 (Reuters) - Gamuda Bhd * Qtrly net profit 152.1 million rgt versus 153.7 million rgt ; revenue 614.4 million rgt versus 623.3 million rgt * Board of directors does not recommend the payment of ... … More »

  • British Airways, Qatar Airways sign revenue-sharing deal
    British Airways, Qatar Airways sign revenue-sharing deal Reuters - 1 hour 44 minutes ago

    British Airways has signed a revenue-sharing agreement with Qatar Airways, allowing the pair to co-operate on scheduling and pricing, BA's owner IAG (ICAG.L) said in a statement on Wednesday. State-owned Qatar Airways owns 20 percent of IAG as a … More »

  • Renzi's reforms leave Italian economy and voters flat Reuters - 1 hour 47 minutes ago

    Prime Minister Matteo Renzi logs the progress of Italian government projects on big sheets of paper, keeping track of everything from work on a long-delayed motorway to simplifying the notoriously complex tax code. After 2-1/2 years in power, Renzi … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.151+0.010+7.09%
    N21.SI
    0.975+0.010+1.04%
    Y92.SI
    0.144+0.002+1.41%
    5DM.SI
    4.00+0.01+0.25%
    Z74.SI
    0.675+0.050+8.00%
    BMT.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.37+0.12+45.10%
    AZT.SI
    0.24+0.05+26.32%
    AWI.SI
    0.15+0.02+15.38%
    RF7.SI
    0.215+0.026+13.76%
    I07.SI
    0.13+0.01+8.33%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.112-0.028-20.00%
    BEH.SI
    0.66-0.05-7.04%
    BTE.SI
    0.32-0.02-5.88%
    P9D.SI
    0.225-0.010-4.26%
    PA3.SI
    0.23-0.01-4.17%
    K14.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3606+0.0011+0.08%
    USDSGD=X
    1.5259+0.001+0.07%
    EURSGD=X
    1.7710+0.0008+0.05%
    GBPSGD=X
    73.9210+0.065+0.09%
    SGDJPY=X
    5.6978-0.0045-0.08%
    SGDHKD=X
    3.0382-0.0008-0.03%
    SGDMYR=X
    9,516.0420-12.4111-0.13%
    SGDIDR=X
    4.9044-0.0011-0.02%
    SGDCNY=X
    1.0429+0.0007+0.07%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,329.70-0.70-0.05%
    GCZ16.CMX
    19.22+0.05+0.29%
    SIZ16.CMX
    92.98-1.47-1.55%
    ^XAU
    2.18+0.01+0.58%
    HGZ16.CMX
    43.85+0.41+0.94%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.11-0.02
    ^FVX
    1.56-0.03
    ^TNX
    2.28-0.05
    ^TYX