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Will Social Security Run Out Of Money?

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The Social Security Administration kicked off a “soft launch” for a redesigned Social Security statement that is being targeted at a “small percentage” of my Social Security online account users who aren’t currently receiving benefits.

There are two significant new features. First, the redesigned statement has two pages, down from four. Second, rather than just ages 62, 67 and 70, the new format shows what the estimated monthly benefits would be for each of nine years if you start receiving benefits from ages 62-70 — in a personalized graphic with a series of horizontal bars.

This can help workers recognize the advantage of waiting to claim benefits to increase lifetime income payments, which are even more valuable in a low interest rate environment. For a customized report on your personal best Social Security claiming strategy click HERE.