Let’s talk about how this new Social Security tool will make planning your Rich Retirement a whole lot easier and lot less time-consuming.
In this article:
- Review Your Social Security Statement
- Request a Replacement Social Security Card
- Change Your Address and Phone Number
- Request and Print a Benefit Verification Letter
- Check Your Earnings History
- Apply for Social Security Retirement or Spousal Benefits
- Start or Change Direct Deposit of Your Benefit Payment
- Print a Copy of Your SSA-1099
- The Social Security Tool Allows You to Do All This in the Comfort of Your Own Home
The Social Security Tool Changing the Retirement Game
Why You Should Start Using the Social Security Administration Tool
If you’re like many Americans, you’re knee-deep in retirement paperwork.
This Social Security tool gives you full access to all the most important retirement documents and tools in one place. No more clunky folders with dozens of different forms.
And no more waiting on the phone or in long lines to speak directly with an SSA employee to get information when you need it.
Best of all, this Social Security tool is completely free to use!
If you’re not familiar with the website, now is a great time to change that. Today, I’m going to show you all the best features of this retirement tool.
1. Review Your Social Security Statement
This is a great way to keep tabs on your Social Security statement. You can now stop wondering about the state of your Social Security benefits or ask things like “How do I check my Social Security status?”
These statements used to be mailed out every five years for workers between the ages of 25 and 60. But your online account in this Social Security tool now gives you access to your estimated monthly payout at full retirement age anytime you choose.
While this is just an estimate, it’ll get more accurate as you get closer to retirement age.
However, knowing where you stand from a payout perspective is an important piece of the puzzle when planning for your retirement.
2. Request a Replacement Social Security Card
Have you misplaced or lost your Social Security card? I lost my Social Security card once and I can say I didn’t have an easy time replacing it.
The good news is the SSA allows you to request a replacement card online in most states through the Social Security tool.
You need to be 18 or older, not requesting a name change or any other changes to your card, and have a valid driver’s or state-issued license.
If you live in Delaware and Wisconsin, you’ll need a driver’s license for this service (state-issued licenses aren’t allowed).
And note: This service isn’t yet available in Alabama, Alaska, Connecticut, Hawaii, Kansas, Minnesota, Nevada, New Hampshire, North Carolina, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Utah, and West Virginia.
3. Change Your Address and Phone Number
Within your “My Social Security” account you can update your personal information, your address, and phone number in the “My Profile” section.
You can also decide when a change of address will take effect so this can be taken care of before a move. It’s one convenient My Social Security feature which will save you a trip to your local SSA branch.
This service isn’t available to people receiving a Supplemental Security Income (SSI) benefit or to those who don’t live in the United States.
4. Request and Print a Benefit Verification Letter
You can go online to request a “benefit verification letter.” This document can also be called a “proof of income letter,” a “benefits letter,” or “budget letter.”
It provides proof that you are — or aren’t — receiving income from Social Security.
It’s used as proof of income when someone applies for a loan or mortgage, for assisted housing, or other state and local benefits.
5. Check Your Earnings History
Mistakes can happen, so reviewing your reported earnings is a smart thing to do. And, if you do catch an error before claiming your benefit, it’s a lot easier to fix.
You’ll also get a sense of when you get the benefits so you won’t have to ask “When will I receive my Social Security check this month?” again and again.
6. Apply for Social Security Retirement or Spousal Benefits
You need to be at least 61 years and eight months old to file for Social Security or spousal benefits. It takes about 4 months to get “the ball rolling,” so your benefits can’t start more than four months into the future because 62 is the soonest you become eligible to receive benefits.
However, the really good news is that it takes less than 15 minutes to get the application done for most people. Just go and access the Social Security My Account system.
7. Start or Change Direct Deposit of Your Benefit Payment
You can set up direct deposit for your monthly benefit check in your “My Social Security” account under the “My Profile” tab.
People currently receiving Social Security benefits can update their direct deposit information at any time and decide when those changes will take effect.
This service isn’t available to people receiving SSI or who have an address outside the United States.
8. Print a Copy of Your SSA-1099
You can print a copy of your SSA-1099 form directly from your “My Social Security” portal. This form shows the benefits you received in the previous year. And keep in mind, you’ll need this form to file your taxes.
Bottom line: it’s critical to have your documents for retirement.
9. The Social Security Tool Allows You to Do All This in the Comfort of Your Own Home
As we’d like to say in the Rich Retirement Letter office: Time saved is money earned.
If you have a My Social Security login, you don’t need to invest two to three hours of your time to queue up and wait for someone to call the number on your stub. You could use the time accessing your Social Security benefits to maximize your earnings in another retirement tool
You’re on your way to finding out how you’re doing on the way to Social Security success thanks to this SSA tool. The easiest way to ensure you have everything you need is through setting up an account with the “My Social Security” portal on the SSA website.
What other Social Security tips do you have up your sleeves? Share the wealth by giving us your secrets in the comments section below.
- The Main Reason Why You Should Make A Retirement Contingency Plan
- How To Become Immortal By Leaving Behind A Legacy
- Learn The Best Way To Save For Retirement From NFL Star Rob Gronkowski