Social Security: New Study Shows How Logging on to the My Social Security Site Will Benefit You – GOBankingRates

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My Social Security (MySSA) is a key online resource offered by the Social Security Administration, yet the number of people with a MySSA account remains low. However, a new study shows that, for younger people especially, MySSA could be a potentially useful financial and retirement preparedness tool, by prompting individuals early and clearly about important information and actions for financial and retirement planning.

See: The mySocialSecurity Online Portal Helps You Manage Your Social Security Benefits

Find: 5 Social Security Benefits You Can Claim Online

The study, which was done by the University of Michigan’s Michigan Retirement and Disability Research Center, finds that the strongest predictor both for having an account and the number of activities conducted on the MySSA platform is being a Social Security beneficiary.

In addition, internet literacy and educational levels also are important determinants of account ownership and usage, the study notes.  There are four key reasons for not creating a MySSA account, according to the study, including a lack of awareness of MySSA; no relevance/need; security and privacy concerns; and low internet/computer literacy.

However, when interviewees created or logged into an account, they found the MySSA platform to be clear, navigable and relevant.

According to the Social Security website, the account provides personalized tools for everyone, whether you receive benefits or not. For example, you can use your account to request a replacement Social Security card.

If you do not receive benefits, the website enables you to get personalized estimates for future benefits, get estimates for your spouse’s benefits, check the status of an application, or get your Social Security statement.

If you do receive benefits, the website enables you to set up or change direct deposit, get a Social Security 1099, opt-out of mailed notices, and change your address.

See: Unclear on Social Security Benefits? These Are the 4 Types Seniors Should Know

Find: How Much Can the Average Senior Citizen Expect To Benefit From Social Security?

A key challenge to using my Social Security appears to be getting people to create an account in the first place and not their retention once they create an account, the study noted.

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About the Author

Yaël Bizouati-Kennedy is a former full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.