Home Stock Market Whether you're 55 or 25, do this to secure your future Social...

Whether you’re 55 or 25, do this to secure your future Social Security benefits

Americans may not receive Social Security until a qualifying event, such as turning 62, being permanently disabled, or experiencing a death in the home, but they should still be checked. their Social Security profile no matter what age they are.

Retirement tips for the week: Create an account with the Social Security Administration to verify your identity, check your history, and understand what you are entitled to receive in the future.

Social Security allows individuals to create an account with the agency through their “Social Security” portal, also known as mySSA. Retirees can use the site to request a replacement card or change the address on file, but others who haven’t received benefits can view estimates to check in the future, analyze what they are. will receive against their spouse and check the status of the application.

Listen to the latest Barron’s Live podcast, MarketWatch Publications, about Social Security

These tests can be very important to all Americans, for a variety of reasons.

First, mySSA profile can protect individuals against attacks. Diane Wilson, financial advisor and founder of My social security analyst. This is especially important for those who may be a victim of fraud or violation.

Profiling allows individuals to see estimates of their future benefits, which can help them identify the best strategies for claiming. The earlier someone claims their benefits before Full Retirement Age, based on their date of birth, the less monthly benefits they will receive. At full retirement age, retirees get 100% of the money they owe, and if they delay to 70, they’ll get more. When to claim depends on other sources of income in retirement as well as longevity and wellness, but having an idea of ​​what will happen can help create a solid financial plan for the future. .

Another benefit: You can confirm your pay history and make sure the government information is correct. This is very important in order to get consistent benefits later. Social Security benefits are based on many factors, including lifetime income and average monthly income for the past 35 years with highest salary.

Creating an account is very simple. Individuals must be 18 years of age or older, have a Social Security number and a valid US address, and an email address. After going to www.ssa.gov/myaccount and creating an account, SSA will verify the person’s identity, send a security code, and determine best communication practices, such as email or text.



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