You probably plan to retire someday and I bet you want to finally cash in on all that FICA that has been deducted out of your pay check throughout your working career. FICA is the tax deduction from your check each payroll of 7.65%. It is made up of 6.20% Social Security and 1.45% Medicare taxes. At ages 65 to 70, you will get to begin your Social Security Benefits and finally reap what you have sown throughout your life. Maybe you are already receiving benefits and good for you because you have definitely earned them.
Very recently I had a client ask me “How do I know what I will receive from Social Security when I retire, so I can start planning for my retirement” and I initially told him that I didn’t know off the top of my head, but I would find out and let him know. Well I began where all good researchers begin and that is with Google.
Google told me that I could go to the following website http://socialsecurity.gov/myaccount/ and set up an account with Social Security. It is a secure website through the Social Security Administration. I actually set up an account myself. It was really easy to just follow the instructions. As of the date I set my account, I was the 20,007,617 to do so as it keeps a current count.
Some of the things that you can do once you set up an account are as follows:
- If you are still working you can get an estimate of your future retirement benefits, disability benefits, and survivors benefits;
- Keep track of your yearly earning and verify that the amount Social Security posted is correct;
- See the estimated Social Security and Medicare taxes you’ve paid;
- If you already receive Social Security benefits or Medicare you can get your benefit verification letter which shows what your receive each month;
- You can also manage your Social Security benefits as follows:
- You can change your address and phone number;
- Start or change direct deposit of your benefit payment;
- Get a replacement Medicare Card; and
- Get a replacement SSA-1099 or SSA-1042S for the tax season which show the total amount of Benefits you received for the entire year.
At Bond & Botes, our affiliated offices offer free initial consultations. If you need to file for Social Security Disability Benefits or have financial problems, please give a call to one of our conveniently located offices to set up a private consultation with one of our experienced attorneys. We will analyze your situation and help you to make the best decisions possible.