Mine Social Security (MySSA) is an important online resource offered by the Social Security Administration, but the number of people with a MySSA account is still low. But a new study shows that especially for younger people, MySSA could be a potentially useful financial and retirement contingency toolby encouraging individuals early and clearly about important information and actions for financial planning and retirement planning.
The study, conducted by the University of Michigan’s Michigan Retirement and Disability Research Center, finds that the strongest prediction both for having an account and the number of activities performed on the MySSA platform is to be a Social Security beneficiary.
In addition, internet knowledge and level of education are also important determinants of account ownership and use, the study notes. There are four main reasons for not setting up a MySSA account according to the study, including a lack of awareness about MySSA; no relevance / need; security and privacy concerns; and make internet / computer knowledge.
However, when interviewers created or logged in to an account, they found that the MySSA platform was clear, navigable, and relevant.
According to the Social Security website, the account provides personal tools for everyone, whether you receive benefits or not. For example, you can use your account to request a replacement card for the Social Security system.
If you do not receive benefits, the site allows you to get personal 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 receive benefits, the site allows you to create or change direct deposit, get a Social Security 1099, deselect notifications per. mail and change your address.
An important challenge to use mine Social security seems to get people to set up an account in the first instance and not their retention once they have created an account, the study noted.
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This article was originally published on GOBankingRates.com: Social Security: New study shows how it will benefit you to log in to the My Social Security website