Social Security: New study shows how it will benefit you to log in to the My Social Security website
Social Security: New study shows how it will benefit you to log in to the My Social Security website

Social Security: New study shows how it will benefit you to log in to the My Social Security website

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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.

See: the mySocialSecurity Online portal helps you manage your social security services
Find: 5 social benefits you can claim online

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.

See: Unclear about social benefits? These are the 4 types seniors should know
Find: How much can the average senior citizen expect to benefit from social security?

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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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 firms, including New York Life and MSCI. Yaël is now a freelancer and most recently she has been a co-author of the book “Blockchain for Medical Research: Accelerating Trust in Healthcare”, together 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 the Université Toulouse-Jean Jaurès, France.

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