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You’ve likely heard about the concerns surrounding Social Security's future, but the situation might not be as alarming as it seems. Without Congressional intervention, the Trust Fund may run out by 2034, but beneficiaries would still receive 75% of their expected benefits. The Social Security Administration provides an online portal where you can log in to view your earnings, which are updated every year.
While many people have misconceptions about Social Security, it's still not a good idea to rely on it as your main retirement source. However, it's beneficial to understand what your individual benefits will be. To learn more about how Social Security operates, check out our comprehensive guide. You can also register for a My Social Security account to review your personal records. This will show you your lifetime earnings, how close you are to qualifying for benefits, and what you can expect to receive based on your work history. Signing up ensures you can verify the accuracy of this data.
To create an account, you will need to provide some personal details. As explained by the SSA, you might also see a soft credit inquiry when you sign up.
We use the information you provide to confirm your identity using our records. Additionally, we collaborate with an external
Identity Services Provider
to cross-check your details against their database. Your Social Security number is not shared with them, and they only retain your information for as long as allowed by federal law, regulations, or guidelines. Their fraud prevention services help safeguard you from identity theft.
When you request verification to create your account, our
Identity Services Provider
may reference your credit report to assist in confirming your identity. This could result in a 'soft' inquiry on your credit report from the
Identity Services Provider
, showing that the Social Security Administration
To get started, visit the link below and then check out Bankrate's article for additional details on what you can do through the SSA website.
My Social Security through Bankrate
Photo credit: stokpic
