I got mine — did you get yours? By now, everyone over 25 should have one.

        I'm talking about the Social Security statement, 133 million of which were mailed from October 1999 to September 2000. I actually just received my second statement, three months before my birthday.

        Last fall, as the first year of the new program was completed, the Social Security Administration conducted a little survey, finding the response to the statement over the first year of its life “overwhelmingly positive.”

        Looking at the information on the statement, it's not hard to see why.
       

Useful facts
        Even though I am still decades away from retirement, the printout shows how much I could receive each month if I started benefits at 62, or 67 or even 70 years old.

        It even reports how much I'd be eligible for if I became severely disabled right now.

        This is all based on my earnings history, which also is shown going back to the part-time jobs of my high school days. This is also all based on a couple of assumptions:

        • That I will earn the same amount as last year for roughly the next 40 years. Thankfully, chances of that are slim.

        • That the law doesn't change. Chances of that are even slimmer, as current estimates show Social Security will collect only 72 percent of its necessary payout by 2037, forcing reforms to the system or at least to the benefits calculations.
       

Nest egg made clearer
        So if those numbers are so uncertain and subject to change, what's the point?

        First, the government wants to make sure it has all of its information correct. Everyone knows it's not impossible for the government to screw up, whether it leaves out a year of your earnings or moves a decimal place.

        Use the statement to double-check W-2s and pay stubs to make sure its information is accurate. The Social Security Administration says less than 0.2 percent of people getting the statement, or only about 250,000 people, have complained of mistakes.

        Second — and perhaps most important — the statement can show you just how much you don't have coming to you. Knowing what part Social Security will play in your retirement can help you figure out how to fill the holes it leaves.

        Other findings from the Social Security Administration's one-year survey:

        • 46 percent of people receiving a Social Security statement said they are likely to change their retirement plans.

        • 42 percent said they are likely to contact a financial adviser.
       

More facts
        This second round of statements is only getting more informative.

        Beginning this past October, everyone 55 years or older has been receiving a special insert in the statement that provides information on options they have to receive Social Security benefits. For example, it shows the difference in taking benefits early at 62, at full retirement age or later.

        Amy Higgins writes about personal finance for the Enquirer. You can reach her at 768-8373; ahiggins@enquirer.com; or Your Money, The Cincinnati Enquirer, 312 Elm St., Cincinnati 45202.
       

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