Americans may not receive social security until after a qualifying event like age 62, long-term disability, or a family death. However, regardless of their age, they should check their social security profile.
Retirement Tip of the Week: Create an account with the Social Security Agency to verify your identity, review your history, and understand what you’re entitled to in the future.
The Social Security Administration allows individuals to create an account with the Agency through their “My Social Security”. portal, also known as mySSA. Retirees can request a replacement card on the website or change their registered address. Others who are not yet receiving benefits can view estimates for their future checks, analyze how they are getting compared to their spouses, and review the claim status.
Listen to the latest Barron’s Live Podcast, MarketWatch Edition, on Social Security
These exams can be critical to all Americans for a number of reasons.
First, a mySSA profile can protect people from hacking. “If you set up your Social Security account, no one else can set it up on your behalf,” said Diane Wilson, financial advisor and founder of My social security analyst. This is especially important for people who may have been a victim of Fraud or violation.
The profile allows individuals to see an estimate of their future benefits which they can use to determine the best strategies for utilization. The earlier someone uses their benefits before full retirement age, based on their birthday, the less of their benefit they will receive each month. When they reach full retirement age, retirees get 100% of their debt and when they’re up to 70 years old they get even more. When to file a claim depends on other sources of income in retirement as well as life expectancy and health. However, having an idea of what to expect can help build a solid financial plan for the future.
Another benefit: you can confirm your pay history and make sure the government information is correct. This is crucial in order to get the right benefit later. Social security benefits are based on a number of factors including lifetime income and average monthly income over the past 35 years with the highest pay.
Creating an account is easy. Individuals must be 18 years or older, have a Social Security number, and have a valid US address and email address. After going to www.ssa.gov/myaccount When creating an account, the SSA verifies the person’s identification, sends a security code and determines the best level of communication, e.g. B. Email or Text.
