Retirement planning involves considering multiple sources of income, and for many individuals, Social Security is a significant piece of the puzzle. Your free online Social Security account is a great resource not only to review future estimated benefit amounts, but also to submit benefit filing requests, manage current elections, and request new Social Security cards. This government program provides financial support during retirement, and keeping track of your benefits is crucial for effective planning.
We wanted to make you aware of a recent change that could impact the accessibility of Social Security online services for some existing users. The Social Security Administration (SSA) has announced that all account holders who created a Social Security account through ssa.gov before September 18, 2021, will be required to transition to Login.gov or ID.me to access their online services.
Why Is This Change Happening?
Based on a recent press release from the SSA, this change is being made to simplify the sign-in process and ensure that all online services are safe and secure for their customers.
In addition, the transition will streamline the login process across different government agencies. This means that if you have accounts with other government agencies that use Login.gov (such as USAJobs.gov or the Small Business Administration) you can easily access them all with one set of login credentials.
How Does This Affect Current Social Security Account Holders?
If you created your Social Security account before September 18, 2021, you must transition to Login.gov or ID.me to continue accessing your online services.
Do not worry – the process is simple and can be completed quickly. Simply log into your Social Security account as you normally would. Once logged in you will be prompted to begin the transition to Login.gov or ID.me. The Social Security Administration has prepared a quick tutorial video which is a great resource to review before starting the transition process.
What About Existing Login.gov or ID.me Account Holders?
If you already have a Login.gov or ID.me account, there is no need for you to create a new one or take any action. Your existing credentials will still work for accessing your Social Security account.
How to Create a Social Security Account with the SSA
If you do not have a Social Security account yet, now is the perfect time to create one. It is important to note that this change does not affect new account creation – only existing account holders need to transition to Login.gov or ID.me.
To create a Social Security account, simply visit the SSA website and select the option to “Create an Account.” You will need personal information such as your Social Security number, date of birth, and mailing address.
Understanding your Social Security benefits is an important factor when planning for retirement. Utilizing the online resources described above can help you prepare, monitor, and maintain this portion of your retirement income and how it impacts your overall financial plan. If you have questions about accessing your Social Security benefits and building a retirement income strategy, please contact our office to connect with one of our retirement income specialists.
IMPORTANT DISCLOSURE INFORMATION: Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BentOak Capital [“BentOak”]), or any non-investment related services, will be profitable, equal any historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. BentOak is neither a law firm, nor a certified public accounting firm, and no portion of its services should be construed as legal or accounting advice. Moreover, you should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for personalized investment advice from BentOak. Please remember that it remains your responsibility to advise BentOak, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure Brochure discussing our advisory services and fees is available upon request at www.bentoakcapital.com/disclosure. The scope of the services to be provided depends upon the needs of the client and the terms of the engagement. Historical performance results for investment indices, benchmarks, and/or categories have been provided for general informational/comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your account holdings correspond directly to any comparative indices or categories. Please Also Note: (1) performance results do not reflect the impact of taxes; (2) comparative benchmarks/indices may be more or less volatile than your accounts; and, (3) a description of each comparative benchmark/index is available upon request. Please Note: Limitations: Neither rankings and/or recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any designation, certification, or license should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if BentOak is engaged, or continues to be engaged, to provide investment advisory services. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Rankings are generally limited to participating advisers (see link as to participation criteria/methodology, to the extent applicable). Unless expressly indicated to the contrary, BentOak did not pay a fee to be included on any such ranking. No ranking or recognition should be construed as a current or past endorsement of BentOak by any of its clients. ANY QUESTIONS: BentOak’s Chief Compliance Officer remains available to address any questions regarding rankings and/or recognitions, including the criteria used for any reflected ranking.