4/24/2017

MoneyMatters101.com Home
Social Security Information

10 Important Facts
Accurate Records
Apply Online
A Quick History
Are You Ready
A Valuable Possession
Benefits Chart
Benefits For Children
Benefit Payments
Can I Change My Mind
Caring For A Child
Changing Information
Children With Disabilities
Criminal Offenses
Contact SSI
Debt And Social Security
Denial of SS Disability
Direct Express Card
Disability Benefits
Earnings Record
Electronic Payments
Facts About Medicaid
Get Another SS Card
Good Or Bad Idea?
If You Are Divorced
Change Your Name
Increase SS Income
Is SS In Trouble?
Is Social Security Taxed?
Looking Ahead
Marriages, Divorces
Married Couples
Marital Status
Medicaid Benefits
Medicaid (Your Assets)
Medicaid (Your Property)
Medicare Benefits
New Changes
No Cost Of Living Increase
ObamaCare
Other SS Facts
Protect Your SS Number
Retirement Benefits
Should I Wait To Collect?
Social Security
SS Not Going Broke!
SS Numbers
SS Goes Electronic
Supplemental SS
Survivor Benefits
Taking Benefits Early
The Income Tax You Pay
The SS Trust Fund
There Are Risks Involved
Think About Retiring
When To Retire
Widow And Widower
Women And SS
Women And SS Facts
You Can Still Work

Links

Email Us

Employee Benefits
Long Term Ins.
Senior Life

Quotes

MoneyMatters101



 

Your Earnings Record...Time Is Money!
by John M. Roberts

Your Social Security earnings record is very important to you and your family. As you work and pay Social Security taxes, it is imperative that you review your yearly earnings statement very carefully and make sure that the correct data is recorded.

If you are at least twenty five years old and your employer deducts taxes that goes into your Social Security fund, a statement should be issued to you each year a few months before your birthday.

The statement should show your correct name, address, date of birth, taxed Social Security earnings, taxed Medicare earnings, the last four digits of your Social Security Number, and other information about your earnings record.

The statement should show if you have earned enough credits to qualify for benefits and how much you would receive at your current earnings rate if you start collecting payments at the earliest date you can start receiving them, if you work until your full retirement age, or if you choose to continue to work until later years. The amount of you receive in monthly payments should be calculated in full.

Your earnings record should also show if you have enough credits to receive benefits if you became disabled and could no longer work. The amount of disability you would receive per month should be calculated. Your statement should also spell out benefits for your spouse and children if you are currently receiving retirement or disability payments.

If you die in the year the statement is issued, it should spell out the amount your spouse or child would be eligible to receive in survivor benefits and give the amount they would get as a one time death benefit.

Remember, it is very important to stay informed about your benefits because they are based on current law. Congress has made changes in the past and may make changes in the future.

Your benefits depends on the amount of taxes that are shown on your earnings record. If your Social Security taxes are not reported correctly, it may mean lower benefits for you and your family, so it is important that you make sure that your records are correct.

Check your statement carefully and if you find a mistake, or if you don't receive a statement, contact your local Social Security Administration office immediately or call 1-800-772-1213.

Book of the Month

Book about investing

Advertise on MoneyMatters101.com

 

Share


Accessibility Policy| Terms Of Use| Privacy Policy| Advertise with Us| Contact Us

Use of this web site constitutes acceptance of the Terms of Use.

We are looking to create more mutually beneficial partnerships. If you are interested in partnering with MoneyMatters101.com, send us your proposal.

MoneyMatters101.com™

Link to MoneyMatters101.com