Social Security Revamps Their Statement Design

By: Stacey Nickens

Have you recently logged into your Social Security account and noticed some changes in your statement format? Certain Social Security account users who have yet to claim their benefits started receiving redesigned Social Security statements in early May.

The new statements are only two, rather than four, pages long. Additionally, users were previously only able to see their estimated monthly benefits should they claim at 62 (their first possible claiming age), 67 (their full retirement age), or 70 (the last year at which they receive an 8% annual bump in benefits). Users can now see their estimated monthly benefits for all possible claiming years from ages 62-70.

The new format can thus help users better understand their monthly benefits should they claim at various ages. The Social Security Administration confirmed that the redesign is aimed towards helping people understand their benefits through simpler and clearer graphics.

You can click here to see an example of how the new statement will look for some users. If you need any assistance in understanding your Social Security benefits, please do not hesitate to reach out.

Source: ThinkAdvisor