We do everything online so it shouldn’t come as a surprise that now you can also plan for retirement online. mySocialSecurity is a government backed online account that can help you monitor and prepare for receiving social security benefits.
The website lets you to check out your social security benefits online including your benefit verification letter, benefit and payment information, and your earnings record. If you are receiving Social Security benefits you can also manage your account online including how your receive your payments.
Even if you’re planning for retirement you can use the website to estimate your future benefits by looking at your earnings record and estimating how much Social Security and Medicare taxes you have paid. Granted, we can’t guarantee that looking at how much taxes you’ve paid will make you happier because if you’re like us retirement is a bleak 40 years away.
If you check your information frequently though you can better plan for retirement by increasing (or decreasing if you’re really lucky) your 401(k) contributions or seeking other ways to save such as opening an IRA account. You can also use the site for estate planning in cases of an untimely death or preparing for retirement in case you have to file for disability in the future.
To read more about planning for retirement using my Social Security visit Experian. You can open a ‘my Social Security’ account by visiting http://www.socialsecurity.gov/myaccount/.
