You can now access your Social Security Statement online from the Social Security Administration.
Your Social Security Statement contains an estimate of how much you can expect to receive in Social Security benefits if you take early retirement (age 62), at full retirement (age 65 or 66), or at age 70.
Your Statement will also show your Earnings Record over your lifetime.
As of February 2012, Social Security will mail out written Statements to those taxpayers who are age 60 or older.
It’s important for family child care providers to check their Statement each year to be sure the information contained is correct. Compare what is on this Statement with your annual IRS Form 1040SE Self Employment Tax, line 4. If these numbers don’t match, contact Social Security right away at 800-772-1213.
Currently, the last year of earnings reported in this Statement is 2010. Earnings for 2011 will be posted as late as September of this year.
Your Social Security benefits will be based on the best 35 years of earnings over your lifetime. To get a better estimate of what you might receive in Social Security benefits, use the Social Security retirement estimator and enter the amounts you expect to earn each year between now and your retirement.
See also my article “Social Security and Family Child Care”.
Image credit: money.howstuffworks.com
For more information about Social Security, see my book Family Child Care Money Management and Retirement Guide.