In the past the Social Security Statement was mailed annually to all participants in the Social Security program, due to government budgets restrictions mailing selections have changed. The proposed plan is to mail Social Security Statements to recipients 60 years of age and older, who are currently not receiving benefits.
The information is now available online using the Retirement Estimator, which will calculate an estimated amount according to your lifetime contribution into social security. The online Retirement Estimator is currently the only method available to actually see the benefits available. It does require information from the recipient and needs to be entered manually. Recipients must allow access to their personal information to access the retirement estimator.
The online retirement estimation contains all current earnings information and is based on the duration of continued contributions and an estimation of earnings are over a specific amount of time. Social Security Statement estimations will include the adjustment for inflation.
The recipient must have collected social security credits to qualify for benefits and be 62 years of age or older. Additional requirements; the recipient is not recieving benefits or is not eligible for a pension on work not covered by social security. The Social Security Statement information is available to recipients currently receiving Medicare but selecting to delay benefits.
Social Security Administration is focusing on providing primary information for recipients preparing for retirement. The Social Security Statement will include lifetime earnings, projected estimations at the first eligible age of retirement and options for deferred retirement benefits. Older workers or recipients closer to retirement age need to understand the impact of retirement benefits received at different ages.