7 Benefits of Having an Online Social Security Account
You might think you don’t need to set up a Social Security account until you’re ready to start collecting your money.
In fact, there are many services offered by the Social Security Administration that are worth signing up for a free account as soon as possible. Of course, it will definitely come in handy once you start receiving benefits as well.
Here is an overview of the most valid reasons to have a “my social security” Account.
1. Protect your social security from identity thieves
Perhaps the most important reason for creating your social security account in a hurry is to beat criminals to death.
As we explain in “Don’t Overlook This Way to Protect Your Social Security from Identity Thieves,” creating an account removes the risk of someone else creating one in your name, even he has your social security number.
If a thief were successful, they could claim and divert the profits to their own bank account without your knowledge. Simply creating an account before you technically need it prevents this, and the SSA provides ways to strengthen protections on your account after you set it up.
2. Estimate your future benefits
It’s hard to plan for retirement if you don’t know how much income you can draw on. At least some of it may come from Social Security, so it’s worth setting up an account.
Those who do can plan with retirement calculators and test what their benefits might look like if they claimed early, at full retirement age, or until age 70.
3. Estimate spousal benefits
For an even more complete picture of retirement, it is useful to know what benefits you may be entitled to through your spouse. But as we explain in “Why You Need to Open a Social Security Account Now,” Social Security statements don’t list spousal benefits.
If you and your spouse both have online accounts, you can plan your benefits whole.
4. Get a replacement card
If you need to get a new copy of a lost or damaged card, you may not need to visit a Social Security office at all. Through your online account can request a replacement card and “receive it in 14 days,” says the SSA.
If you want to make corrections to a map or receive one for the first time, you can at least start the process online to speed things up. But you will always end up visiting an office.
5. Check your earnings history
If you’re curious about how much money you’ve made in the past, you don’t need to dig up old pay stubs. A social security account makes verification easier.
Simply log in and open your Social Security Statementwhere you can review your record and learn how to report any errors that may mislead you in the future.
6. Prove your income
As we detail in “8 Services You Didn’t Know About Social Security,” you may need proof of income when applying for government assistance, an apartment, mortgage, or other loan.
One place to get this proof is through your Social Security account, which may provide what’s called a “benefit verification letter.” This is available whether or not you are receiving benefits.
7. Set up direct deposit
For those who already receive Social Security benefits, one of the most useful features of an online account is the ability to set up direct deposit or change where your money is being sent. All you will need is your social security number and bank account details such as account and routing numbers.
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