There is a lot of misconception out there that the only people that need to register or sign up for an account online with the Social Security Administration are those who are currently receiving benefits or those who are getting ready to apply for benefit. This is however not true. Actually, as long as you are 18 years or older, it is a great idea to sign up for an online account with the Social Security Administration.
Why You Should Set Up My Social Security Account
There are several reasons why you should set up a my social security account. The first reason is that it allows you to keep track of your social security contributions. One of the things that could lower the benefits you may get in the future is if your contributions are not recorded properly. The social security administration is very well run but they make mistakes like any other large organization that serves millions of people. If you don’t review your contributions to make sure they are accurate, then you may find yourself in the situation where years later, when you are ready to retire, your instincts will tell you your contribution number is incorrect but you have no way of verifying it because you may have thrown away all the tax return documents you need for verification.
Another good reason get a my social security account is to also get a regular update on how much you might earn in the future when you retire. You will be able to see how much in social security benefits you will receive if you retire at 62 years, 67 years or 70 years of age. Obviously, the longer you wait to start receiving benefits, the more money you get. Knowing this also helps you plan for retirement.
Another reason to set up a my social security account is to find out when you have earned enough credits to qualify for retirement benefits. It will also show you what your potential future earnings could be if you continue to make the money you make now. You will also be able to see if you’ve earned enough credits to qualify for disability benefits. Finally, you will also be able to know what payment will be made to your spouse and qualifying children should you die today. This is a good thing to know since it may give you some peace of mind by knowing that there is some money that your spouse and children can get if you die unexpectedly.
Finally, even though your benefits may be sent via direct deposit or via social security direct express debit card, you still need a mysocial security account so that you can monitor your benefits activity and get communication directly from the social security administration that may impact your benefits now or in the future. For that reason alone, it makes sense to set up an account so you stay current on all the developments on the social security and entitlement benefits front, especially with congressional actions or federal government mandates or changes.