In recent weeks, concerns about the health of the Social Security system have intensified after trustees warned that the funds could be depleted within the next 10 years.
However, it is unlikely that the funds supporting the Social Security Administration (and Medicare, which has also sparked debates about the risk of running out of funding) will run out in the short term.
To avoid falling into collective panic, here is how to constantly and easily monitor your Social Security retirement savings through the My Social Security account. This account not only shows the amount of your expected benefit when you retire but also provides useful information about your Social Security status. Additionally, you can use the tool to submit retirement or disability applications.
My Social Security Account: What You Can Do With It?
The My Social Security account will show your current or expected future benefits, based on macroeconomic projections that affect Social Security payments, and according to your expected retirement age and work history.
Below, we explain how to access your Social Security benefits online and what type of information and functions you can use with your My Social Security account. If you already receive benefits, here is the Social Security payment schedule.
The first thing you need to do is create your My Social Security account on the official website, www.ssa.gov. You can do this for free, and it is important to note that no one should charge you to help you access this service under any circumstances.
Let’s continue: to create your account, once you are on the SSA website, scroll and click on “Learn about my account,” next to My Social Security account. Then, click on “Create an Account.”
You will be required to log in with your ID.me or login.gov account, unless you created an account before September 18, 2021. If you do not have any of these accounts, you should create one to proceed.
Once you have created your account on ID.me, login.gov, or another permitted service, you must agree to the terms of service to continue. Next, you will need to verify your identity. The Social Security Administration will send a unique security code to your email, which you must enter within 10 minutes to proceed with your account.
If everything is correct, you will now have access to all your Social Security statements and other account details.
What Can I See Online in My Social Security Account?
When you log in to your online account, you will be able to access your Social Security statements. If you are not yet receiving benefits, you will see an estimate of the amount you could receive when you retire.
You will find a table that details your monthly benefit amounts based on retirement age. For example, if you were born in 1960 or later, your chart may show early retirement at 62, full retirement at 67, and delayed retirement at 70. It is important to note that these retirement ages may change in the future. The longer you wait to retire, the more money you will receive each month.
You can also check your eligibility and income information. If you have worked at least 10 years, you will have accumulated enough work credits (you need 40) to receive benefits. By clicking on “Review your earnings record,” you can see your Social Security and Medicare taxed earnings for each year you worked.
Other Things You Can Do in My Social Security Account
In addition to the aforementioned, there is a list of things you can do in your My Social Security account from the SSA:
- Request a replacement Social Security card in case of loss, theft, or destruction.
- Initiate a retirement application.
- Initiate an application for Supplemental Security Income (SSI) or Supplemental Security Disability Insurance (SSDI).
- Calculate benefits for a current or former spouse based on your earnings record.
- Review the status of your retirement or disability.
- Request a Benefits Verification Letter showing your payments or lack thereof.
- Report your wages if you work and receive Social Security Disability Insurance.
