There are several important things you should know about Social Security. For example, American workers should know that the Social Security Administration takes your 35 highest inflation-adjusted years of income into consideration, and married couples should definitely know how spousal benefits work.

However, if there's one thing I'd encourage people to do before claiming Social Security benefits, it would be to read your latest Social Security statement.

Your Social Security statement is a document that the Social Security Administration issues for every American worker each year, and it is quick and easy to find. You can view your most recent Social Security statement on the SSA's website (www.ssa.gov) by creating an account if you haven't done so already.

What information is in your Social Security statement?

The most significant piece of information, and the one most people focus on, is an estimate of your Social Security benefits, based on your actual work record. However, your Social Security statement contains a lot more information than that. Here's a rundown of what you'll find:

• A year-by-year history of your earnings in Social Security-covered employment, up to each year's taxable maximum. This should be very thorough. Mine starts with the roughly $4,000 I made working at Burger King when I was 15.
• How much Social Security and Medicare taxes you and your employers have paid on your behalf over your career.
• Whether you've earned enough credits to qualify for benefits. In most cases, if you've worked for at least 10 years, you're eligible.
• Whether you would qualify for disability benefits if you were to become disabled.
• How much your family members could get if you were to unexpectedly pass away this year.
• Whether you qualify for Medicare benefits at age 65.
• Estimates of your future Social Security retirement benefits at every age ranging from 62 to 70.
• When your full retirement age is.
• A list of important information to know about Social Security benefits, and important links to find more information on common topics.

How to use your Social Security statement

When you view your Social Security statement, there are a few important things to focus on, especially if you're thinking about claiming Social Security benefits within the next few years.

First and foremost, check your earnings record and make sure it looks right. It isn't completely unheard of for some earnings to be missing, and there is a phone number listed that you can call to report an error. Even if you're missing one year's earnings, it could have a major impact on your Social Security.

It's also a good idea to see how your starting age affects your retirement benefit. Your benefit is permanently reduced if you start collecting it before full retirement and is permanently increased if you wait. As an example, if your full retirement age is 67, as it is with everyone born in 1960 or later, waiting until age 69 will increase your Social Security benefit by 16%. It's common knowledge that Social Security is higher, the longer you wait. But the statement can put some actual numbers behind it.

For example, if you would get $2,000 per month at 67, waiting until 69 would result in $320 per month, or $3,840 per year, in additional retirement income. This might not matter if you've already decided that you're going to retire and claim Social Security, but if you're still at the point where you're considering your options, this information can certainly help you make a decision.

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