Millions of Social Security recipients will soon be able to access their online accounts through a new gateway.
The Social Security Administration sent me an email alert last week. Maybe you have as well.
Essentially, it means that your current login and password will no longer be valid for you to access your online Social Security account.
You will need to register for an ID.me or Login.gov account in order to use Social Security’s online services. You have to log back in and create a new account if your My Social Security account was created before September 18, 2021. It’s also time to register if you haven’t already.
The monthly benefit checks are unaffected by the increased login restrictions.
You can predict future benefits, manage the benefits you already get, obtain a replacement Social Security card, and check the status of a benefits application using your unique My Social Security account. Even if you don’t currently receive benefits, you can still create an account.
Martin O’Malley, the commissioner of social security, stated in a statement that “My Social Security is a safe and secure way for people to do business with us.” “We are thrilled to move our online services to Login.gov, which will streamline the process and make it easier for the public to use across agencies.”
You don’t need to do anything if you’re one of the millions of account holders who currently log in using their ID.me or Login.gov accounts.
Go to “Sign in” at the top of the Social Security website, ssa.gov, and choose “Sign in with Social Security Username” to migrate your account. Following a successful login, you will be prompted to register for a Login.gov account.
Customer service is available via phone and chat at Login.gov around-the-clock to address your inquiries and, if necessary, assist you in setting up an account.
Do you have a query regarding retirement? private financial situation? Anything concerning a career? Send a message to Kerry Hannon.
Making a benefit claim
Determining when to begin receiving Social Security benefits is made much easier with the help of a My Social Security account.
Benefits may be claimed after ten years of employment, and checks may be started as early as age 62.
That, however, usually isn’t the best option because it permanently lowers your monthly benefits.
Many individuals make claims as soon as they are qualified without considering how doing so may affect their spouse’s survivor benefits as well as their lifetime retirement benefits. You can make more thoughtful decisions if you have a deeper understanding.
There are good personal reasons to file early, such as need for money or ill health, but there is a big trade-off when filing early vs later.
The financial benefits of perseverance
If you can afford to postpone receiving benefits, you will receive an amazing rise. Delayed retirement credits are accrued if you postpone taking advantage of your benefits from your full retirement age (66 or 67) until you are 70 years old. These add up to an approximate 8% yearly benefit increase until you turn 70, at which point the credits cease to accrue.
For those who were born in 1960 or after, the early claim payout at age 62 will be around 70% of the total payout, and the late claim payout at age 70 will be approximately 132%.
Imagine you are sixty-two in 2024. Your payout will begin at full retirement age, which is 67 years old, and will be $2,000. Your monthly payout is reduced by 30% to $1,400 if you begin receiving benefits at age 62 in order to compensate for the longer benefit period. Usually, this decline is irreversible.
Your benefit would increase to $2,480 per month if you decide to wait until you are 70 years old, which is a $1,080 monthly difference.
Kerry Hannon writes for Yahoo Finance as a senior columnist. Her writings include “In Control at 50+: How to Succeed in The New World of Work” and “Never Too Old To Get Rich.” She is a career and retirement consultant. X @kerryhannon is her handle to follow.
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