Social Security Administration Makes Changes That Will Affect Millions of Beneficiaries

The online portal that allows millions of Social Security beneficiaries to access their accounts is changing.

I received an email alert last week from the Social Security Administration. You may have received the same alert as well.

The bottom line is that you will It is no longer possible to log in. To your Social Security account online using your current username and password.

To access Social Security services online, you’ll need to create an account at Login.gov or ID.me. If you had a My Social Security account that started before September 18, 2021, you’ll need to go back and start over. If you haven’t signed up there before, now’s the time to do so.

The new login requirements do not affect monthly benefit checks.

Your social security account is Personal Portal Where you can request a replacement Social Security card, check the status of your benefits application, estimate future benefits, or manage the benefits you already receive. You can create an account even if you are not currently receiving benefits.

“My Social Security is a safe and secure way for people to do business with us,” Social Security Commissioner Martin O’Malley said in a statement. “We are excited to move to Login.gov to access our services online, simplifying the process and making it easier for the public across agencies.”

If you’re one of the millions of account holders who already use a Login.gov or ID.me account to sign in, you don’t need to take any action.

To transfer your account, go to “Sign In” at the top of the Social Security website, ssa.gov, Then select “Sign in with your Social Security username.” After successfully logging in, you will be prompted to create an account on Login.gov.

Login.gov offers 24/7 phone and chat customer support to answer your questions and help you create your account if needed.

Have a question about retirement? Personal finances? Or anything career-related? Send Kerry Hannon a message.

Claiming benefits

Creating a My Social Security account is a great help in determining when to start receiving your Social Security benefits.

You can claim benefits as long as you’ve worked for 10 years and you can run your checks as early as age 62.

But this is often not the best option because it permanently reduces your monthly checks.

Many people apply for retirement benefits as soon as they are eligible without considering how this may reduce their lifetime retirement benefits and their spouse’s survivor benefits. A better understanding may help you make a more informed decision.

While there are obvious strong personal reasons for claiming early, such as poor health or financial need, claiming early versus claiming late is a significant trade-off.

The story continues

Read more: What is the retirement age to withdraw Social Security, 401(k), and IRA?

Financial return of patience

If you have the flexibility to delay benefits, the boost you get can be impressive. If you wait until your full retirement age — 66 or 67 — until age 70, you’ll get deferred retirement credits. This is an increase of about 8% a year in your benefit every year until you reach age 70, when the credits stop accruing.

If you were born in or after 1960, you’ll get about 70% of your potential payment when you claim early at age 62, and about 132% if you claim at age 70.

Let’s say you turn 62 in 2024. Your full retirement age is 67, and your monthly benefit that begins at full retirement age is $2,000. If you start taking benefits at age 62, your monthly benefit will be reduced by 30% to $1,400 to cover the longer period you’ll be receiving benefits. This reduction is usually permanent.

If you choose to delay until age 70, your monthly benefit will increase to $2,480 — a difference of $1,080 each month.

Keri Hannon is a senior columnist for Yahoo Finance. She is an expert in retirement and career strategies, and the author of 14 books, including “Taking Control After 50: How to Succeed in the New World of Work “No age makes you rich” Follow her on X @Kerry Hannon.

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