Over the next 20 years, an average of 10,000 baby boomers a day will apply for Social Security:
Detroit Free PressWho would imagine that you could get a wrong estimate of your Social Security benefits from – guess who – the Social Security Administration?
Social Security said a coding issue caused errors on a very small number of the"On Request" statements that were issued since 2017. Hinkle said the statements displayed the correct estimated benefit amounts but the mistakes were made when the projected benefits were applied to incorrect ages at which the person would receive them.
Laurence Kotlikoff, professor of economics at Boston University, wrote in a June 25 column in Forbes:"I’ve learned that Social Security is providing benefit statements that are flat out incorrect."Here's how to handle your money Kotlikoff discovered a problem when a financial planner shared a story of a client who would only see a gain of $24 a month by waiting four years until the full retirement age of age 66 and four months, compared to taking a payment at age 62.
"We were alerted that there might be a problem with some of the information on some statements," Social Security said in its email. Consumers who received wrong estimates will be sent corrected information. Social Security said it had temporarily stopped issuing statements requested via Form 7004 as of late June. But the agency will resume sending On Request statements by mail now that the system has been fixed.
The online account allows you to receive personalized estimates of future benefits based on your real earnings, see your latest statement, and review your earnings history.
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