Now that tax season is over(for those who didn’t file an extension), I’m sure the last thing most Americans want to discuss is another form from the government. However, this is a different kind of form. It’s a government form which lets taxpayers know how much they have paid for their own retirement benefits. About a decade ago, the Social Security Administration (SSA) began sending out annual Social Security statements detailing retirement and disability benefits to more than 100 million workers each year. However, these forms can create confusion among Americans about what their benefits are, and whether or not they qualify at all.
According to the SSA, about 25% of Americans in their 20s today will become disabled before they reach the age of 67. The most crucial item for working Americans to remember is they are not automatically paid. Besides paying into the system, other guidelines must be met and the worker needs to be prepared for a period of time where no benefits are paid at all. After reviewing your SSA statement, if you feel it is inaccurate, compare it to your W-2 then contact the SSA immediately.
It’s best to know what to expect when the unexpected happens. No one wants to become disabled, but unfortunately it will happen to millions of Americans during their lifetime. Contact our law firm if it has happened to you or a loved one.