How accurate is Your Social Security Statement that is sent sent to you?

Question

How close or accurate is this statement. Only the people that have actually retired and drawing monthly benefit can answer this question.

Answer 1

It is very accurate as to how much has been paid into the system in your name. But the figure it gives you for what you will collect is merely an estimate. The laws change over the course of time, and they cannot be absolutely sure what you will receive when you retire at a given age. Save and invest as much as you can on your own; no one should be relying on living on Social Security these days.

Answer 2

No accuracy of the statement can be measured in two different ways--the first way is the way the SS Administration meant for you to use it--to check to see that each year's contributions are accurately reflected and to alert them if there is an error in the contributions.

The second use of the statement is perhaps more at what you are addressing--the estimated benefit. However, the SS Administration tells you right in the statement that it may not be accurate at all--for it estimates the benefit based on your current earnings, if they change, so will the benefit. Further, they also tell you that currently the way the system is set up, it will no longer have a fund to pay from and will be dependent upon current contributions to pay benefits--right now they are saying it will only have enough money to pay 76% of the benefits due in 2026 or whatever year this condition occurs (it keeps changing). So, the estimated benefit, even if accurate for a fully funded program, may not come to pass when the system is not fully funded.

Asking already retired people if the estimated benefit was accurate for them (comparing to their actual benefit) is futile because the future cannot be predicted and it is almost guaranteed not to track recent history vis-a-vis social security retirees.

--PS first poster is incorrect, SS sends out the statement every 2 years.

Answer 3

Everyone should get a statement once a year, around their birthday. One year mine was wrong cuz my former employer had forgotten to send the W-2's in, but I got that straightened out. Now it seems to be correct.

Answer 4

I hope that it is inaccurate or I will be begging for bread soon after I retire.

Answer 5

happy day !!

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