Social Security benefits play a major role in the lives of retirees throughout the country. In fact, nearly 50% of people aged 65 or older receive at least 50% of their family income from Social Security, according to the Social Security Administration (SSA).

Still, financial expert Clark Howard says many people are unaware of a key government-provided online account that can help you estimate future benefits or manage current SSA payments.

It’s called my Social Security account.

24/7 Wall St. Insights

• The my Social Security account can help you predict future benefits based on earnings.
• You can apply for a my Social Security account through the official government website of the SSA
• You can supplement your Social Security benefits by investing in dividend-paying stocks. Check out our report 2 Dividend Legends to Hold Forever for tips on building a diversified portfolio

What is my Social Security account?

My Social Security account is a free and secure online account run by the SSA. It offers a portal where you can manage your current benefits, estimate future benefits, check the status of an application, and more.

Through this portal, you can also see what you’ve earned in previous years as well as your current estimated earnings, according to the SSA.

This is important because Social Security checks are based on factors like what you made in your highest-earning 35 years.

So discrepancies could reduce your future payments. Through my Social Security account, you can notify the SSA of these issues.

To report mistakes, visit the earnings report section of your account. A blue box should contain a link to report inaccuracies to the SSA.

In addition, the account gives you access to a calculator that you can use to estimate your future benefits based on the age you begin collecting, marital status, and your average future salary.

Why get my Social Security account

There are many reasons why you should get a my Social Security account. Here are some of the features you can expect based on your status.

If you’re not collecting benefits

• Personalized retirement benefit estimates
• Estimates for spouse’s benefits
• Proof that you do not receive benefits
• Application status
• Social Security Statement

If you are collecting benefits

• Set up or change direct deposit
• Social Security 1099 (SSA-1099) form
• Print a benefit verification letter
• Change your address

Moreover, opening and verifying my Social Security account could help prevent criminals from creating one in your name and stealing your benefits.

How to open my Social Security account

You can open a my Social Security account by visiting ssa.gov/myaccount. The process takes about 10 minutes.

To apply, you’d need to provide the following information.

• Name
• Birthdate
• Social Security Number
• Address
• Phone number

You would also need to verify your account via the following options.

• Security key
• Government employee ID
• Authentication application
• Phone
• Backup codes

Why this matters

Social Security benefits play a crucial role in the finances of retired Americans throughout the nation. And they could also play a major role in your retirement. This is why it’s important to stay up to date on your earnings based on the SSA, Social Security applications, ongoing benefits, and more. The my Social Security account can help you do that and more. And it’s easy to apply online.

 

 

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