How to Read—and Use—Your Social Security Statement

September 29, 2025

Many Americans worry that Social Security won’t be around when they retire. And while projections suggest the program’s Old-Age & Survivors Insurance (OASI) trust fund could be depleted by 2033, the system will still continue paying benefits—just at a reduced level unless Congress acts. The good news? Lawmakers still have time to strengthen the program’s finances, and for current retirees, Social Security remains a meaningful source of income.

If you’re not yet retired, one of the best ways to understand how Social Security might fit into your financial plan is by reviewing your Social Security statement. This document, available anytime at ssa.gov, is more than just a number—it’s a roadmap of what you may receive in retirement, along with other protections for you and your family.

Here’s a breakdown of what to look for when reviewing your statement and why it matters.

What Is a Social Security Statement?

Your Social Security statement is an official record from the Social Security Administration (SSA) that summarizes:

●     Your estimated retirement benefits based on different claiming ages.

●     Disability benefits you may qualify for if you’re unable to work.

●     Survivor benefits for your spouse, children, or other dependents.

Checking this report regularly—at least once a year—is smart. It helps you verify your earnings history, understand the income you might receive in retirement, and catch mistakes before they affect your future benefits. August is a great time to check, since your prior year’s earnings should be fully updated by then.

3 Key Parts of Your Statement

1. Estimate Your Retirement Benefits

Your statement shows how much you may receive each month depending on when you start benefits—anywhere between age 62 and 70. Claiming early means smaller checks (up to 30% less if you were born in 1960 or later), while delaying past full retirement age can increase your benefit by about 8% each year until age 70.

This estimate is crucial for retirement planning. It helps you gauge how much of your living expenses Social Security might cover and how much more you’ll need from savings, pensions, or other income sources.

2. Review Your Earnings History

Your benefits are based on your highest 35 years of earnings. If you’ve worked fewer than 35 years, the SSA fills in missing years with zeros, which can lower your benefit.

That’s why checking your earnings record matters. A missing year—or an underreported income figure—could mean smaller checks for the rest of your life. If something looks off, you can request a correction directly with the SSA.

Working longer, especially in higher-earning years, can help boost your eventual payout.

3. Understand Family and Survivor Benefits

Social Security isn’t just about your retirement. Your statement also shows benefits for your spouse, children, or even dependent parents. For example:

●     A spouse may be entitled to benefits based on your record, even if they didn’t work as much.

●     Divorced spouses may qualify in certain circumstances (such as being married for at least 10 years).

●     Survivor benefits provide financial support to loved ones after your passing.

Your statement details these benefits, including monthly figures and a small lump-sum death benefit for eligible family members.

Putting Social Security Into Your Plan

It’s important to remember that Social Security is only one piece of your retirement income puzzle. Most financial experts recommend treating it as a supplement to personal savings like 401(k)s, IRAs, or annuities.

Online tools and calculators can help you experiment with different claiming ages and income scenarios. And for more personalized guidance, working with a financial professional can help you build a strategy that maximizes your household benefits while aligning with your long-term goals.

Bottom Line

Your Social Security statement is more than just paperwork—it’s a powerful planning tool. By reviewing it annually, checking your earnings history, and understanding your retirement, disability, and family benefits, you can take meaningful steps toward securing your future.

Think of it as one of the puzzle pieces in your retirement plan. The more clearly you see the picture, the better prepared you’ll be.

Sources:

https://www.fidelity.com/learning-center/personal-finance/social-security-statement

Disclosure:

This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.

This material is provided as a courtesy and for educational purposes only.

These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. Neither the named Representative nor Advisory Services Network, LLC gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information.