It’s important to know what your income will be when you retire, and for many of us, an important part of that income will be our Social Security retirement benefit. Your monthly benefit will be based on your highest 35 years of earnings history and will vary based on the age you begin receiving benefits. There are ways to approximate your future benefits based on current earnings, but the most accurate estimates are those provided by the Social Security Administration. These estimates are no longer mailed to us each year as was once the case, so you may need to visit the Social Security Administration’s web site to request an estimate. If you have never registered at the web site before, the initial sign-up process can be a bit intimidating due to the precautions taken to prevent identity theft. I will walk you through the process, and in the end, it’s worth the trouble.
Navigate to the web site ssa.gov and click on the “Sign in” button in the upper right area of the page. At the next page you will be given 3 choices to sign in. If you have never signed in to SSA.gov before then you won’t have a Social Security username, but you might have previously created an “ID.me” or “LOGIN.GOV” account to access other businesses or government services. If so, use the credentials you previously created. If not, click on “Create an Account with LOGIN.GOV”. You will be redirected to a page for Login.gov, a secure sign-in service operated by the U.S. government. Click on the “Create an account” button, enter your email address, language preference, and click the box agreeing to the rules of use. Click “Submit”. An email will be sent to your email account, so you need to open your email program, find the email from Login.gov, and click the button to confirm your email address.
A window will open in your web browser asking you to create a password for your new account. You should use a strong password with a mixture of upper- and lower-case letters, numbers, and special characters. Click on “Continue”. You will now be asked to choose an authentication method. By far the easiest is “Text or voice message” which will use your mobile phone for authentication, so choose that option and click “Continue”. Enter your mobile phone number in the format shown, choose whether to authenticate using text messaging or a phone call, and click “Send code”. You will be directed to another page and should receive a text or automated phone call providing you the code to enter into the box. Check the “Remember this browser” box and click “Submit”. You will be directed to a page allowing you to add a backup authentication method, or you can choose to skip this step. Click “Agree and continue”, and at the next page you are advised that you are signed in to Login.gov with the email you chose. Click “Continue”.
Are you getting frustrated yet”? Well hang on, we are almost there.
You will be redirected to the Social Security web site and asked if you received an activation code. This is not the same code that was just sent to you! You should answer No, so check that box and continue. You will be directed to a page explaining the Terms of Service. Scroll to the bottom, check the box agreeing to the terms, and click “Next”. At the next page enter your full name, Social Security Number (including dashes), date of birth, address, and phone number. Click “Next”. You may be prompted to enter another code texted to your mobile phone.
If you did everything correctly, and the planets are aligned, you should have been directed to your Social Security home page. Success! From here you can print your Social Security Statement, replace a lost card, and even apply online for Social Security or Medicare benefits. You can also run “what if” scenarios to learn what your benefits will be if you retire at various ages.
If you are concerned about having sufficient income in retirement, contact CPS Investment Advisors to speak to a fiduciary financial advisor who can help you plan for a financially secure retirement.